Eight years after subprime mortgages all but disappeared, U.S. buyers with bad credit can still own homes. If they come up with a nominal down payment and stay current on their monthly bills, they’ll get title to the property -- after as long as 30 years. If they miss one payment, their contracts say they could lose all their money and get tossed out.
The deals often end badly for low-income buyers. Some are financed by an investment trust with ties to Apollo Global Management.