'Subprime' is word of the year

As subprime-related losses mount, the word itself has proved to be a winner. The American Dialect Society this month chose "subprime" as its word of the year. The society defines "subprime" as an adjective that describes a risky or less-than-ideal loan, mortgage or investment. The word "subprime" isn't in dictionaries but is now "so well known ... when I saw the list [of nominations], I said this has got to be it — there really is no other word to choose," said David Barnhart, a member of the society. He is also the founder of Lexik House publishers of Poughkeepsie, N.Y. Word-of-the year awards from the society, which is an informal club of word geeks, are somewhat dubious honors. Previous winners have included "truthiness" (2005), "red/blue/purple states" (2004), "metrosexual" (2003) and "chad" (2000). The word "subprime" was also the winner of a new category for real estate-related terms. New phrases this year describe loans made with little or no documentation, such as a "liar's loan" (money borrowed under false pretenses) and a "NINJA" loan, made to a borrower with no income, no job or assets. Choosing "subprime" as word or the year and the society's new real estate category reflect the preoccupation of the press and public over the past year with the deepening mortgage crisis, according to the society.