We tried to work it out. It didn't work this time. Sometimes that happens. We're not in a feud with anybody, but it's certainly unfortunate that our position was misrepresented. Johnson said that low-income borrowers and the elderly were often victims of predatory lenders.
Subprime loans have terms less favorable than prime loans.
Borrowers who get subprime loans are considered less credit-worthy than those who get prime loans. Not all subprime loans are predatory, however. He said the third and last proposal made by the lenders was worse than their first. A secondary-mortgage company is one that buys mortgages in packages. One such company said it would stop buying mortgages in Arkansas if HB 1545 passed, Miller said.