Publication Date: March 2009
Publisher: National Center for Policy Analysis (U.S.)
Author(s): Robert McTeer
Research Area: Banking and finance; Business
Keywords: mortgage; FASB; financial crisis; subprime
Coverage: United States
One of the main causes of the 2008 financial crisis and current recession was subprime mortgages, which are home loans to borrowers with low credit scores, little or no down payment and high levels of debt. These borrowers have a higher risk of defaulting on their loans and are usually charged higher interest rates.
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