| 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. |
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