(1.) This article does not address issues presented by
subprime lending in the auto finance or manufactured housing industries.
Oregon has remained relatively immune to the
subprime mortgage crisis.
Gibson said that, nationally,
subprime loans have represented a significant percentage of loans originated in the past 18 months.
The authors examine
subprime mortgages (defined as mortgages to borrowers with FICO credit scores below 660) issued between 2002 and 2006.
Much of my recent research focuses on understanding three key issues related to
subprime mortgages and minority borrowers during the last housing cycle: the role of
subprime loans during the housing boom, the foreclosure crisis, and the vulnerability of minority homeowners during the boom and bust.
Summit Financial Corp., a Plantation, Florida-based
subprime car finance company, filed for bankruptcy late last month after lenders including Bank of America Corp.
Almost 9.7 percent of
subprime car loans made by non-bank lenders have come close to default in the third quarter.
While the recent 20-year high in
subprime auto delinquencies merits close watch, it's important to note that this number is a fraction of the total number of
subprime auto loans being originated.
Many studies of the housing market collapse of the last decade, and the associated sharp rise in defaults and foreclosures, focus on the role of the
subprime mortgage sector.