Subprime mortgages are those loans granted to those who experienced problems in their credit history. They are loans to borrowers with no means to repay their debt. Subprime mortgages, which US banks used to supply generously despite the uncreditworthiness of applicants, were granted because the bank immediately transferred the credit risk to the financial market through securitisation, asset-backed securities (ABSs) and collateralised debt obligations (CDOs).
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