Subprime mortgage lending rises sharply, but remains well below crisis levels

The number of first mortgages extended to subprime borrowers was up 30.5% in the first five months of 2015, according to data from consumer-credit agency Equifax . At the same time, the number of home equity loans to subprime borrowers climbed 29.5%, while home equity lines of credit to subprime borrowers was up 20.4%. Subprime borrowers are generally defined as those with a credit score below 620. Still, the segment remains just a fraction of overall mortgage originations, said Equifax, and is far below the pace of subprime lending that was being extended prior to the Great Recession. "The......(read more)

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