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lenders: Corporate WELFARE and Mortgage Crisis-Need a lenders voice - 01/29/08 10:14 PM
Lenders, this is the perspective of a political family member of mine (who was a mortgage lender for a brief period). Does ANYONE share this perspective?
"Home owner's are now losing their property in record numbers. The culprit, as has become conventional wisdom, is the "adjustable rate/teaser mortgage," also known as the ARM. Bank's issued loans to families with questionable credit and because of such questionable creditworthiness and because of the supposed accompanying risk of loss to said lenders, these loans were manufactured with low introductory rates. Yet, after a certain period (usually two years) the rates were subject to adjust upward. Hence, … (5 comments)

 

Kelly St. Germain

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