Hoover blamed the depression on foreign economic collapse over which he had no control. Major European banks went bankrupt, causing alarm in other foreign banks.
They were against it, and thought that it was too lenient for Germany and such.
Answer: A subprime mortgage is a type of home loan issued to borrowers with low credit scores (often below 600) who wouldn't qualify for conventional mortgages. They usually come with much higher interest rates and down payments than conventional options. Taking out a subprime mortgage is rarely a good idea.
