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<blockquote data-quote="Jones" data-source="post: 909652" data-attributes="member: 4805"><p>That's all very well, but what does that have to do with the working definition of a subprime loan? A subprime loan is a high interest loan to a borrower who does not qualify for the prime rate (hence the term "sub prime"). That's not a "narrow definition", it's the only definition. When anyone refers to subprime loans vis-a-vis the housing crisis, that's exactly what they are talking about.</p><p></p><p></p><p></p><p></p><p></p><p>Maybe you could post the specific language in the CRA that forced banks to make loans to high risk individuals? Because I can't seem to find it anywhere. And if CRA loans defaulted at the same rate as similar non CRA loans (which is what the data shows), then how are you reaching the conclusion that the CRA loans were higher risk?</p></blockquote><p></p>
[QUOTE="Jones, post: 909652, member: 4805"] That's all very well, but what does that have to do with the working definition of a subprime loan? A subprime loan is a high interest loan to a borrower who does not qualify for the prime rate (hence the term "sub prime"). That's not a "narrow definition", it's the only definition. When anyone refers to subprime loans vis-a-vis the housing crisis, that's exactly what they are talking about. Maybe you could post the specific language in the CRA that forced banks to make loans to high risk individuals? Because I can't seem to find it anywhere. And if CRA loans defaulted at the same rate as similar non CRA loans (which is what the data shows), then how are you reaching the conclusion that the CRA loans were higher risk? [/QUOTE]
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