Chicago Fed on subprime mortgages

A recent article by the Chicago Federal Reserve argues that the subprime mortgage market is facing substantial problems, as measured by delinquency rates, while the prime mortgage market is experiencing more typical delinquency rates, close to historical averages.

Writing in the Chicago Fed Letter, authors Sumit Agarwal and Calvin T. Ho, analyse different mortgage types (prime versus subprime) and products (adjustable- rate versus fixed-rate) in order to explain differences in mortgage

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