Subprime History ... more
Last week I mentioned my friend Paul back in New York, is in the process of writing a book on the History of Subprime. Here's a cut & past of an e-mail exchange we had this morning, thought you might get a kick out of it:
Pete,
track for me, if you can, the phrase 'subprime.'
--When I started covering this stuff in the early 90s the industry then was calling it 'B&C' lending. Then in morphed into 'home equity' and 'subprime,' then 'non-prime.' What was it called in the 60s and 70s?
Paul
Paul: Those phrases were all invented by the conventional residential real estate mortgage lending industry who seemed to have the need for a label to show it was different from them. We never had a cute little label for it back in the day. The one you missed, which is what I myself have used is 'non-conforming' - it seems to be the one that best describes the animal. 'Snooty' 'A' type lenders choke on all of those (because that sort of lending is beneath them), so they made up ALT-A !!! hahhahahaha
Contact me anytime pal.
Peter
Pete,
track for me, if you can, the phrase 'subprime.'
--When I started covering this stuff in the early 90s the industry then was calling it 'B&C' lending. Then in morphed into 'home equity' and 'subprime,' then 'non-prime.' What was it called in the 60s and 70s?
Paul
Paul: Those phrases were all invented by the conventional residential real estate mortgage lending industry who seemed to have the need for a label to show it was different from them. We never had a cute little label for it back in the day. The one you missed, which is what I myself have used is 'non-conforming' - it seems to be the one that best describes the animal. 'Snooty' 'A' type lenders choke on all of those (because that sort of lending is beneath them), so they made up ALT-A !!! hahhahahaha
Contact me anytime pal.
Peter
posted by Secret! at 9:26 AM
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