Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

It’s quite a bit smaller share of total outstanding because the average life of the subprime mortgage loan, I’m told, is only two or three years. In other words, if your credit quality improves, you will refinance out of your subprime mortgage into a higher quality mortgage. So originations are 24 percent, but the actual number of subprimes that are actually outstanding is much lower.

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