The New Language of Subprime « The Washington Independent
As the mortgage crisis drags on, the New York Times offers a handy glossary of subprime terms so you can easily keep up on the latest developments. The Times notes that the term subprime actually encompasses “a whole glossary of often-colorful expressions that could be described as sub subprime. They reflect the deceit, cynicism and scandalous exploitation that are taking the homes of many thousands, perhaps millions, of families.”
Here’s just one example: Foreclosure rescue. From the Times glossary:
Foreclosure rescue sounds benevolent but it’s not, says Sarah Ludwig, director of the Neighborhood Economic Development Advocacy Project in New York. On the contrary. “Typically, it’s a scam to steal a home,” in which the owner is gulled into signing over title to the house in exchange for promises to pay off the arrears.