Subprime Mortgage Quiz
A “subprime mortgage” is for borrowers with less than perfect credit. To compensate for the risk of lending money to a borrower with a low credit rating, the lender charges a higher interest rate. A subprime mortgage can be used to purchase or refinance a house.
For information:
Bailey, N.S. (2005). Predatory lending: The new face of economic injustice. American Bar Association Human Rights Magazine, 3. Retrieved on December 6, 2007 from http://www.abanet.org/irr/hr/summer05/predator.html
Center for Responsible Lending. (n.d.). CRL Factsheet: Predatory Mortgage Lending Robs Homeowners and Devastates Communities. Retrieved on December 6, 2007 from http://www.responsiblelending.org/pdfs/2b003-mortgage2005.pdf
Center for Responsible Lending. (2007). Subprime Lending: A Net Drain on Homeownership. CRL Issue Paper No. 14. Retrieved on December 6, 2007 from http://www.responsiblelending.org/pdfs/Net-Drain-in-Home-Ownership.pdf
Federal Trade Commission, http://www.ftc.gov
National Community Reinvestment Coalition. (2006). Homeownership and Wealth Building Impeded: Continuing Lending Disparities for Minorities and Emerging Obstacles for Middle-Income and Female Borrowers of all Races. Retrieved on December 6, 2007 from http://www.opportunityagenda.org/atf/cf/{2ACB2581-1559-47D6-8973-70CD23C286CB}/Subprime Lending Report.PDF
Start the Subprime Mortgage Quiz here.
