Sub-Prime Lender

(redirected from Subprime Lender)

Sub-Prime Lender

A bank or other financial institution that makes loans at interest rates higher than most other loans. Subprime loans are made to borrowers who do not qualify for ordinary loans because of bad credit history or some other reason. There is a higher risk of default on subprime loans. Their prevalence was a significant factor in the 2008 credit crunch. See also: Subprime mortgage.

Sub-Prime Lender

A lender who specializes in lending to sub-prime borrowers.

References in periodicals archive ?
Republicans in Congress have made a habit of critiquing every move GM makes through the filter of its government stake, from the purchase of subprime lender AmeriCredit for $3.5 billion on Thursday to the method it used to close dealerships.
Countrywide was the largest subprime lender in Massachusetts during 2006 and 2007.
March 4, 1998: First Union acquires The Money Store, nation's 5th-largest subprime lender (and home to ex-Yankee broadcaster Phil Rizzuto's commercials).
Fallout from the US housing slump on mortgage and real estate companies deepened yesterday as title insurer First American Corp and subprime lender NovaStar Financial announced job cuts and NovaStar's auditor expressed doubt that the company will survive.
to stop taking applications for new loans because the subprime lender failed to inform the agency about its financial problems.
Foreman's broker put her in touch with Ameriquest Mortgage Company, a subprime lender that offered her a loan.
In late 2000, Citigroup made matters worse by acquiring Associates, with a record of abuses as a subprime lender. The company had long been on ACORN's target list of bad actors, particularly for its aggressive marketing of single premium credit insurance that was rolled into high interest rate subptime mortgages.
For example, numerous borrowers have sued the failed subprime lender Superior Bank, (24) alleging that the bank engaged in predatory lending.
NON-STANDARD Finance (NSF) said yesterday it expected to alleviate the competition watchdog's concerns over its PS1.3bn bid for rival subprime lender Provident.
The new firm will reportedly be the biggest subprime lender in the USA.
Subprime lender Credit One (NASDAQ: COFI) spurred this week's rate change by introducing a lower minimum APR to its Credit One Visa (NYSE: V) Platinum card.
The Charlotte, North Carolina-based bank has lagged its peers in recovering from the financial crisis, largely due to losses tied to its 2008 purchase of subprime lender Countrywide Financial.