Legitimate subprime is not predatory .
Most subprime lending goes to middle-income people with little or no credit history .
This is a relatively large segment of our population that could otherwise not have access to credit and the higher rates and fees charged are necessary to cover the greater risk of default. It follows that curtailing of eliminating legitimate subprime lenders would harm the very people its opponents intend to help. Many would be forced to consider even higher-cost lending alternatives, such as payday loans , which charge interest and fees that can top 500 percent when annualized. Legitimate subprime lenders do not have an economic interest in making loans that won't be rapid . Their income as derived from interest payments until maturity , not in selling foreclosures.