For now, the subprime mortgage lending industry is basically gone. There are few people willing to get these types of loans, thanks to the publicity going to predatory lending and ARMs. Additionally, many mortgage lenders are wary of subprime mortgage lending for now, with its increased risks. The Boston Globe reports on the drop in subprime mortgage lending:

Lenders sold about $26.3 billion of subprime loans in the third quarter
of 2007, down more than 80 percent from the roughly $139 billion sold
at the peak of the boom in the fourth quarter of 2005, according to
Standard & Poor’s.

However, it is safe to say that at some point the subprime mortgage lending industry will make a comeback. There’s too much money to be made for it not to. In anticipation of this, it is important for states to start mulling increased regulation to subprime mortgage lending.

Of course, it is still possible to get subprime rates on things like cars and consumer goods…