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By now you have read all about the debacle in the sub-prime lending market. What you might not know is the number of investment banks involved in the business. So, what is a sub-prime lender? They are lenders who loan money to borrowers who do not qualify for loans from mainstream lenders. Borrowers who a very high credit risks cannot qualify for prime financing, and often have low credit scores. Usually these borrowers are a high risk, and have to pay higher rates than those who are able to borrow from a prime lender. Basically, these are loans issued to people with lower incomes, so they get screwed when they borrow by paying a higher interest rate. The favorite mortgage of choice for these sub-prime lenders is none other than the infamous Adjustable Rate Mortgage (ARM). As you are well aware, (and I have written about this several times over the past two years) the interest rates on ARM's have jumped up dramatically.

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