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Certain restrictions and protections in the new law apply to “subprime” loans. What is a subprime mortgage loan?

April 26, 2017certain Law Loans mortgage loan protections subprime

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Certain restrictions and protections in the new law apply to “subprime” loans. What is a subprime mortgage loan?

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A subprime loan means either a nontraditional mortgage as defined in 9-A MRSA § 8-103 (1-A), paragraph T, or a rate spread home loan as defined in paragraph V of that subsection.