Subprime mortgages refer to loans made to borrowers with a poor credit history or low income. These types of mortgages are typically offered at higher interest rates and with less favorable terms than conventional mortgages, as they carry a greater risk of default due to the borrower's financial situation. The term "subprime" refers to the fact that these borrowers are considered below prime or not meeting the standard criteria for a traditional loan. During the housing crisis in 2008, subprime mortgages were blamed for contributing to widespread foreclosures and economic instability.