Concept information
Preferred term
legacy lending
Definition
- A legacy loan is a mortgage on an asset that is in danger of default or that is troubled because the value of the collateral (such as a home) has diminished in value to less than the amount owed on the mortgage. For example, legacy loan may be the term used for a mortgage that is in danger of defaulting, or that is “nonperforming.” It may also be that the mortgage payments are being made but the value of the property is “under water,” because it dropped to far less than the balance owed on the loan. [Source: Encyclopedia of White-Collar and Corporate Crime; Legacy Lending]
Broader concept
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/legacy_lending
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