The following are excellent links to websites about Subprime Mortgages
Hud - U.S. Department of Housing and Urban Development - Typically, subprime loans are for persons with blemished or limited credit histories. The loans carry a higher rate of interest than prime loans to compensate for increased credit risk.
The Federal Reserve Board - Subprime Mortgage Lending: Benefits, Costs, and Challenges
AARP - Subprime Mortgage Lending and Older Borrowers
Freddie Mac -What is Freddie Mac's position on subprime mortgages with prepayment penalties?
San Francisco Federal Reserve Bank- Subprime Mortgage Lending and the Capital Markets
Full Spectrum Lending
ERATE provides a debt consolidation calculator and additional information about Bad Credit Mortgages / Subprime Loans