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You may have heard about subprime lending from the voluminous bad press about predatory loan practices, which strip unsuspecting low-income customers of their homes, money, and property (see Poverty, Inc.
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There are more people with bad credit these days, says George Yacik, a vice president at SMR Research, a market-research firm specializing in consumer-lending issues.
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Risk models, created by FICO, produce Beacon scores for Equifax, Empirica scores for Trans Union, and the Experian/Fair Isaac Model for Experian.
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And what will the foreign lenders do with all of these houses when they foreclose?
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