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| Players betting on Subprime won big. But the players were gamblers and Subprime was the name of a horse.
While the subprime mortgage market will forever be associated with the spectacular collapse of the nation’s mortgage market, a horse named Subprime has posted her first win. Subprime, a two-year-old filly owned by Virginia horse-breeder Edward Evans, won the one-mile ninth race at Aqueduct race track in New York on Oct. 30. Her time was 1:38.17 and she was ridden by jockey Richard Migliore. A bettor who plucked down $2 on the horse won $6.30. The horse’s name apparently didn’t concern the crowd. In fact the bettors loved her, placing so many bets that she went off as the favorite. The race was Subprime’s first win in three races. Two-year-olds are closely watched by bettors and the racing industry. A successful career as a two-year-old could lead to bigger races when a horse turns three, the prime age for a thoroughbred. The Kentucky Derby, Preakness and Belmont — professional racing’s Triple Crown — are run by three-year-olds. According to information from the National Thoroughbred Racing Association, the league office for professional racing, Evans, 66, operates Spring Hill Farm, a 3,000-acre horse farm in Casanova, Va. So far this year, horses he has bred and owns have won more than $1.5 million. Evans has worked in finance, according to a farm employee, though she was not specific. But financial terms do influence how Evans names his horses. Subprime was sired by a horse named High Yield. And another of his horses is named Gold Mover. Evans has been ranked as a top breeder for several years. His father, Thomas Mellon Evans, bred champion Pleasant Colony and six of Spring Hill’s horses has won major stakes races. Another nine have run in the Breeders Cup. Evans has been chairman and chief executive officer of Missouri Portland Cement Co., Fansteel Inc., H.K. Porter Inc. and, most recently, Macmillan Inc. — a New York publishing company where he also served as a director for nine years. He currently serves as a director of HBD Industries Inc, a publicly-traded business consulting firm based in Irving, Texas. |
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Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer. |
