Subprime loans
Introduction
A subprime loan is a type of loan or mortgage product that is availed to those customers considered to be of high risk and thus shunned from accessing such facility in the conventional market prime rates. The FICO scores of this type of customers are usually below 600. It has enabled individuals who could not have otherwise been unable to take loans to afford them. Due to the nature of risk involved this lenders usually charge high rates to cushion them from the probability of the clients defaulting Givoly and Hayn, 2000).
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