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Monday, November 11, 2013 5:56:34 PM
Definition of 'Subprime Mortgage'
A type of mortgage that is normally made out to borrowers with lower credit ratings [typically below 600]. As a result of the borrower's lowered credit rating, a conventional mortgage is not offered because the lender views the borrower as having a larger-than-average risk of defaulting on the loan. Lending institutions often charge interest on subprime mortgages at a rate that is higher than a conventional mortgage in order to compensate themselves for carrying more risk.
Again, IMO this is relevant because (1) this is the official corporate address of several companies and (2) because Ortiz claimed great business success during the time his home was being foreclosed on.
We're entitled to our own opinions --but not our own facts.
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