The Subprime Mortgage is Back on the Market, and Has a Brand New Name
A little more than a decade ago the economy collapsed, and at the center of that collapse was the subprime mortgage. These loans, often made to borrowers with bad credit, no job, and no income turned into a systemic risk that eventually sent the world into its worst economic crisis since The Great Depression. Fast-forward to 2018, and according to a report from CNBC, the subprime mortgage is back--this time with a new name: nonprime. Of course, that's just a change in brand. Like subprime mortgages, nonprime mortgages are offered to customers with credit scores as low as 500.