HousingWire reports Carrington Mortgage Services launches subprime lending program.
Carrington Mortgage Services is launching a mortgage lending program that looks an awful lot like pre-crisis subprime lending, but the company claims that its new "non-prime" loans are much safer than the subprime loans of the mid-2000s.
In a release, Carrington quotes a study from Experian that states that 21.2% of Americans have credit scores below 600.
And those are the types of borrowers that Carrington is targeting with this new program.
Carrington's loan program allows credit scores as low as 500. As stated above, "recent credit events" and a "history of late payments" are acceptable as well.