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Subprime Mortgages Page 1 Subprime Mortgages By Ginny Bullen Student of Axia August 29, 2010 Subprime Mortgages Page 2 Subprime mortgages are mortgages that were made (and are steal made) to help borrowers with less than perfect credit ratings and no proof of income to get into a mortgage loans. Subprime mortgage loans came at a price; these loans have higher interest rates. Subprime loans can also be two year fixed loans. Where the interest rate is fixed for two years then it changes. After two years are up the interest rate is adjustable, but most lenders will tell a person that in the two years they can get a better loan. But what lenders have forgotten to tell them is they cannot get a new loan if they do not bring up their credit rating, and get proof of income all them can do is get the same type of loan. Subprime loans are still around. Even though these loans are the main cause for many banks going under, and having to be bailed out by our government. These loans are still out there and some people are still receiving them. There is not the owning of the American dream any more. It allows people to take pride in a property and engage in a community for the long term. However, homes are expensive and most people need to borrow money to get one. The conditions were right for people to achieve that dream. In the early 2000s, mortgage interest rates were low, which allowed people to borrow more money at a lower monthly payment. In addition, home prices increased dramatically, so buying a home seemed like a sure bet. Lenders understood that homes make good collateral, so they were willing to participate (Clearbankruptcy, 2010). Subprime Mortgages Page 3 In 2007 that is when things started to happen with subprime...