If the mortgage industry takes one lesson from the housing crisis to heart, it should be the danger in having loose definitions and broad classifications of loans.

Granted, labels like subprime, alt-A, midprime and superprime have been rendered virtually useless since the housing market bust; nearly all loans being made these days, and subsequently bought and sold in the secondary market, are ones that conform to the underwriting guidelines of Fannie Mae, Freddie Mac and the Federal Housing Administration. 

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