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Publication Date: October 2007
Publisher: Reform Institute
Author(s): Reform Institute
Research Area: Banking and finance; Social conditions
Type: Brief
Abstract:
The emergence of the subprime market, which consists of loans to borrowers with high credit risk, has enabled families that previously could not obtain a home loan to realize their dreams and purchase a house. This increased access to credit helped fuel the housing boom that played a significant role in the strong economic growth of recent years.