RT Journal Article SR Electronic T1 A Study of RASC Subprime Loan Prepayments, Delinquencies, and Losses JF The Journal of Fixed Income FD Institutional Investor Journals SP 47 OP 67 DO 10.3905/jfi.2000.319278 VO 10 IS 3 A1 Steve Banerjee A1 Laurent Gauthier A1 Weisi Tan A1 Drew Zhu YR 2000 UL https://pm-research.com/content/10/3/47.abstract AB Subprime first-lien mortgages are securitized through the residential assets securities corporation. While they manifest differences with respect to loan age, credit grade, loan-to-value ratio, and vintage, both fixed-rate and adjustable-rate rasc mortgages exhibit positive convexity similar to that of the rest of the subprime market. There is some flexibility built into the credit underwriting guidelines through compensating factors related to (for example) delinquency versus debt-to-income ratios. This article describes collateral and performance differences in detail.