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Subprime lending (also known as B-paper, near-prime, or second chance lending) is the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history.
This word first came into prominence in 2007 with the global
subprime mortgage meltdown.
The prefix "sub" translates roughly to "below the standard," while "prime" means something close to "the best."
The Subprime mortgage meltdown has shaken the world's financial system.
by Wally Lorne January 13, 2008
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The term originated in the financial services industry to refer to lower-credit-score borrowers. However, thanks to continuous media use, a much broader audience was exposed to it in 2007 during the credit meltdown. Now, it is used to describe anything that is below standard or less than ideal.
by CHOK2 January 07, 2008
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A loan for those whom have "Shit" credit, with no desire of fixing and improving their credit, those who are knowingly lying about thier income, and whom really have no business buying a home.
Countrywide should do more subprime mortgages!!!
by Mikey_D March 15, 2008
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Hot new chain of sandwich shops offering liberal finance terms (fixed rate and variable) for seven dollar lunches.
Little Joey needed a winter coat last week so lunch is gonna be at Sub Prime 'til refund checks come through.
by Daisy-Jane January 25, 2008
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