Subprime mortgages are
A) mortgages issued to borrowers who fail to document that their incomes are high enough to afford their mortgages.
B) mortgages issued to borrowers with flawed credit histories.
C) mortgages which are bundled together by financial institutions and sold to investors.
D) government-backed mortgages issued by Fannie Mae and Freddie Mac.
B
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A normative statement is generally based upon:
A. data that can be tested. B. a factual claim. C. subjective beliefs. D. scientific fact.
If a state government finances treatment facilities for alcoholics out of revenues from a tax on liquor, it is
a. basing its taxation on ability to pay b. levying a proportional tax c. able to afford fewer treatment facilities when liquor sales decrease d. discouraging alcoholics from seeking treatment at government facilities e. providing a service that the private sector cannot provide
If demand decreases, then quantity supplied will increase
a. True b. False
A movement upward and to the left along a demand curve is called a(n)
a. increase in demand. b. decrease in demand. c. decrease in quantity demanded. d. increase in quantity demanded.