The ChicagoMade Shorts Series is a celebration of the robust local independent film community and a showcase of entertaining work produced by talented Chicago-based artists. Submission is now open for original, entertaining short films a maximum of 8 minutes in length created by Chicago-based filmmakers.
What is a Subprime Loan? A subprime mortgage is a type of loan offered to borrowers with poor credit scores. Typically these are individuals with credit scores lower than a 600 and cannot qualify for a conventional loan. This may also include borrowers with derogatory or adverse credit histories.
Subprime refers to higher the risk. These are mortgages that are issued to individuals who are often not qualified. That is, the long term monthly mortgage payment is more than their income. Often, these mortgages are issued on the expectation that the homeowners income will rise in the future. These mortgages are often made feasible by teaser rates. This means that the rate might be very low for the first few years but then rise steeply. In periods of weakness in the housing market or the economy in general, these mortgages are the first to run into trouble.