Subprime definition

Subprime means having an investment grade of "B" or below.
Subprime mortgage loans were mortgages that did not meet the GSE criteria for creditworthiness of the borrower but purportedly satisfied loan underwriting criteria developed by their originators.
Subprime lending shall mean lending to borrowers who exhibit characteristics indicating a significantly higher risk of default than traditional bank lending customers;

Examples of Subprime in a sentence

  • Peterson, Foreclosure, Subprime Mortgage Lending, and the Mortgage Electronic Registration System, 78 U.

  • Subprime firms are also responsible for reporting participation of lower tier subs.

  • Subprime Loan shall mean a mortgage loan which carries an interest rate at least 2-1/2 points more than the average 30 year conventional loan rate.

  • Wilmarth, Jr., The Dark Side of Universal Banking: Financial Conglomerates and the Origins of the Subprime Financial Crisis, 41 CONN.

  • Credit Booms and Lending Standards: Evidence from the Subprime Mortgage Market.

  • Schwarcz, Protecting Financial Markets: Lessons from the Subprime Mortgage Meltdown, 93 MINN.

  • International Organization of Securities Commissions, Report on the Subprime Crisis - Final Report, May 2008, p.

  • As with the Interagency Guidance on Nontraditional Mortgage Product Risks, 71 FR 58609 (October 4, 2006), the interagency Subprime Statement applies to all banks and their subsidiaries, bank holding companies and their nonbank subsidiaries, savings associations and their subsidiaries, savings and loan holding companies and their subsidiaries, and credit unions.

  • Wachter, Neighborhood Patterns of Subprime Lending: Evidence from Disparate Cities, in Fannie Mae Foundation's Housing Policy Debate, Volume 15, Issue 3, 2004 pp.

  • Subsection (3) of Section 590 was amended by the Subprime Law to clarify the power of the banking board to promulgate rules and regulations and to extend the rulemaking authority regarding regulations for the protection of consumers and regulations to define improper or fraudulent business practices to cover mortgage loan servicers, as well as mortgage bankers, mortgage brokers and exempt organizations.


More Definitions of Subprime

Subprime is a preface to the term "Mortgage Loan" meaning that such Mortgage Loan is not eligible for purchase by GNMA, FNMA or FHLMC.
Subprime lending shall mean, consistent with OCC guidance, lending to borrowers who exhibit credit characteristics indicating a higher risk of default than traditional bank lending customers.
Subprime is a preface that means a Single-family Mortgage Loan is not eligible for purchase by GNMA, FNMA or FHLMC or for inclusion in a pool of Mortgage Loans that form the base or backing for MBS(s) eligible for issuance or guarantee by GNMA, FNMA or FHLMC; provided that nothing in this Agreement shall be construed as prohibiting the Company from pledging and borrowing hereunder against any Single-family Mortgage Loans that is eligible for GNMA, FNMA or FHLMC purchase or for inclusion in a GNMA, FNMA or FHLMC pool.
Subprime is defined using the same borrower characteristics listed in the interagency Expanded Guidance for Subprime Lending Programs, released in January 2001. For purposes of this Agreement, "Subprime" is defined as a credit card account having a FICO score of 660 or less.
Subprime is defined as a credit card account having a FICO score of 660 or less.

Related to Subprime

  • Residential means that the Premises where the Service is installed are used wholly:

  • Conventional service and filing means service and filing of documents pursuant to the CCP and CRC absent these E-Filing Rules, i.e. using paper format.

  • High Cost Home Mortgage Loan as defined in the Massachusetts Predatory Home Loan Practices Act effective November 7, 2004 or (iv) a "High-Cost Home Loan" as defined by the Indiana High Cost Home Loan Law effective January 1, 2005.

  • Multifamily dwelling means a structure that contains more than one separate residential dwelling unit, which is used or occupied, or is intended to be used or occupied, in whole or in part, as the home or residence of one or more persons.

  • Multifamily housing means housing accommodations designed as a residence for more than 1 family.

  • Home means work in the office in the expert’s country of residence. “Field” work means work carried out in the Client’s country or any other country outside the expert’s country of residence.

  • California Renewables Portfolio Standard means the California Public Utilities Code Section 399.11, et seq.

  • FICO means Fair Xxxxx & Co., or any successor thereto.

  • Uniform Single Attestation Program for Mortgage Bankers The Uniform Single Attestation Program for Mortgage Bankers, as published by the Mortgage Bankers Association of America and effective with respect to fiscal periods ending on or after December 15, 1995.

  • Discriminatory housing practice means an act that is unlawful under this chapter.

  • predatory or similar loan under any other applicable state, federal or local law (or a similarly classified loan using different terminology under a law imposing heightened regulatory scrutiny or additional legal liability for residential mortgage loans having high interest rates, points and/or fees).

  • Renewable Portfolio Standard or “RPS” means a state or federal law, rule or regulation that requires a stated amount or minimum proportion or quantity of electricity that is sold or used by specified persons to be generated from Renewable Energy Sources.

  • Registered mortgage loan originator means any individual who:

  • Housing assistance means appropriate referrals by the

  • Assisted amusement device means an amusement device, skill device, or ride

  • Tube housing assembly means the tube housing with tube installed. It includes high-voltage and/or filament transformers and other appropriate elements when such are contained within the tube housing.

  • Affordable means, a sales price or rent level that is within the means of a low- or moderate- income household as defined within N.J.A.C. 5:93-7.4, and, in the case of an ownership unit, that the sales price for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.6, as may be amended and supplemented, and, in the case of a rental unit, that the rent for the unit conforms to the standards set forth in N.J.A.C. 5:80-26.12, as may be amended and supplemented.

  • Fannie Mae Transfer As defined in Section 13 hereof.

  • Mortgage loan originator means any institution which originated a Mortgage Loan for a related Borrower.

  • Manufactured housing means a structural unit or units designed for occupancy and constructed in a manufacturing facility and transported, by the use of its own chassis or an independent chassis, to a building site. The term includes any type of building that is constructed at a manufacturing facility and transported to a building site where it is used for housing and may be purchased or sold by a dealer in the interim. For purposes of this section, 2 types of manufactured housing are included. Those 2 types are:

  • School of origin means the school or preschool that a child or youth attended when permanently housed, or the school in which the child or youth was last enrolled. When a child or youth completes the final grade level served by the school of origin, the school of origin includes the designated receiving school at the next grade level for all feeder schools.

  • Apartment Dwelling means any dwelling unit within a building containing more than four dwelling units where the units are connected by an interior corridor;

  • value of originating materials means the value of such materials as defined in (g) applied mutatis mutandis;

  • Fannie Mae The Federal National Mortgage Association, or any successor xxxxxto.

  • Manufactured/mobile home means either a manufactured home or a mobile home;

  • Freddie Mac Federal Home Loan Mortgage Corporation, a corporate instrumentality of the United States created and existing under Title III of the Emergency Home Finance Act of 1970, as amended, or any successor thereto.