A year ago, the word “subprime” needed a lot more explanation. I was The Daily Record’s finance reporter at the time, and only heard the word from professors of finance, analysts, bankers … you know, industry people.

So if I used it in a story, I’d have to describe subprime as a category of loans considered risky because they are extended to borrowers with less than ideal credit.

But oh man, has the word ever burst on to the lexicological scene. In fact, the American Dialect Society named subprime its word of the year. That says something about the havoc the subprime collapse has wreaked on the economy.

Now Gov. Martin O’Malley and the General Assembly have made mortgage and foreclosure reform perhaps the hottest business topic of the year (my apologies to energy policy), so I’ll have many more chances to use the word.

I’ve heard complaints that subprime loans are being treated unfairly; that they provide a needed path to homeownership for people with spotty credit histories. I don’t think the word necessarily denotes a bad loan, but it sure has been attached to a lot of bad news lately.

Is the meaning clear, or has subprime become a political buzzword? All I know is that my late-model version of MS Word still underlines it with a red, squiggly line because I haven’t updated my spell check. Thoughts?

Above: An auction sign rests in front of a foreclosed home in Shaker Heights, Ohio in this Oct. 30, 2007 file photo. The city of Cleveland, an epicenter of the nation’s home foreclosure crisis, has sued 21 banks, claiming their subprime lending practices have created a public nuisance that hurt property values and city tax collections. (AP Photo/Tony Dejak)