Quote:
Originally Posted by AFireInside
Look at the U.S. subprime mortgages are the same as 40 year mortgages with no money down.. Its going that way...
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Just wanted to say that those are not the same things.. subprime refers to the borrower; i.e. their credit risk. A huge percentage of mortgages in the US being given out were subprime (lending to people who really shouldn't qualify for a mortgage but doing it anyway based on the increase in value of the property or something like that), like 25% or higher..
In Canada hardly any mortages are subprime, less than 2% I've heard some say.