scratch and dent mortgage
n.— «Founded in 1996, New York-based C-Bass specializes in investing in distressed home mortgage loans. Also known as “scratch and dent” mortgages, these are loans that were either not documented properly or on which borrowers missed a payment but are now current.» —“Jittery Stock Market Drops as Mortgage Fallout Spreads” by Julie Creswell, Vikas Bajaj New York Times Aug. 1, 2007. (source: Double-Tongued Dictionary)
Further reading
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