1 | This was not subprime lending. | |
2 | It could have hit the train or the track, but I suspect it was a secondary effect. | |
3 | And that could be pipe breaks maybe in the secondary system, maybe a steam generator tube leak and so forth. | |
4 | The plan would also seek to switch as many borrowers as possible with subprime adjustable rate mortgages into more sustainable loans. | |
5 | The disaster began with defaults on American subprime mortgages, a financial instrument designed to spread home ownership among the poor. |