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This is called a credit rating; although covered by privacy laws, the information is readily available to people with a need to know (in some countries, loan applications specifically allow the lender to access such records).
Subprime borrowers have credit ratings that might include: Lenders' standards for determining risk categories may also consider the size of the proposed loan, and also take into account the way the loan and the repayment plan is structured, if it is a conventional repayment loan, a mortgage loan, an endowment mortgage, an interest-only loan, a standard repayment loan, an amortized loan, a credit card limit or some other arrangement. Because of this, it was possible for a loan to a borrower with "prime" characteristics (e.g.
high credit score, low debt) to be classified as subprime.
In other countries such loans are underwritten by governments or sponsors.
Many student loans are structured in special ways because of the difficulty of predicting students' future earnings.
These structures may be in the form of soft loans, income-sensitive repayment loans, income-contingent repayment loans and so on.
But the same loan at 10% for 27 years (after the adjustable period ends) equates to a payment of ,220.
A 6-percentage-point increase (from 4% to 10%) in the rate caused slightly more than a 75% increase in the payment.
These 'bundles' of mixed (prime and subprime) mortgages were based on asset-backed securities so the 'probable' rate of return looked superb (since subprime lenders pay higher premiums on loans secured against saleable real-estate, which was commonly assumed "could not fail").As such, they cannot be packaged into Fannie Mae or Freddie Mac MBS.A borrower with an outstanding record of repayment on time and in full will get what is called an A-paper loan.Many subprime mortgages had a low initial interest rate for the first two or three years and those who defaulted were 'swapped' regularly at first, but finally, a bigger share of borrowers began to default in staggering numbers.The inflated house-price bubble burst, property valuations plummeted and the real rate of return on investment could not be estimated, and so confidence in these instruments collapsed, and all less than prime mortgages were considered to be almost worthless toxic assets, regardless of their actual composition or performance.