Every year, the American Dialect Society, a group “dedicated to the study of language in North America,” chooses a Word of the Year. Why are we writing about this in a real estate blog? Here’s why: The Society chose “subprime” as its 2007 Word of the Year.
Here is an excerpt from the society’s news release on the subject:
Subprime is an adjective used to describe a risky or less than ideal loan, mortgage, or investment. Subprime was also winner of a brand-new 2007 category for real estate words, a category which reflects the preoccupation of the press and public for the past year with a deepening mortgage crisis.
Here is a quote from Professor Wayne Glowka, Dean of Arts and Humanities of Reinhardt College and chair of the society’s New Words Committee:
“When you have investment companies losing billions of dollars over something like bundled subprime loans, then you have to consider whether it’s important. You probably also want to think about paying off that third mortgage.”
Sound advice. Previous words of the year:
- 2006: Plutoed (to be demoted or devalued)
- 2005: Truthiness (what one wishes to be truth, regardless of the facts)
- 2004: Red/blue/purple states (red favoring conservative Republicans and blue favoring liberal Democrats, as well as the undecided purple states)
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