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S&P Says Subprime Credit Scores Drop.(Standard & Poor's)(Brief article)
NEW YORK -- The average FICO score on subprime deals rated by Standard & Poor's in the second quarter declined to 623, the lowest average credit score reported since the fourth quarter of 2004.
S&P said the drop reflects a shift from interest-only loan products to 40-year loan products. The rating agency said FICO scores on IO loans remained "relatively constant," while the average score on 40-year loans declined. In the second quarter, the average FICO score on IO loans was 653, while the average for ...
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Source: HighBeam Research, S&P Says Subprime Credit Scores Drop.(Standard &...