Nontraditional Mortgage Products: Feds Issue Final Guidance on Nontraditional Mortgage Product Risks: "These products, referred to variously as “nontraditional,” “alternative,” or “exotic” mortgage loans (referred to below as nontraditional mortgage loans), include “interest-only” mortgages and “payment option” adjustable-rate mortgages. These products allow borrowers to exchange lower payments during an initial period for higher payments later."
Thursday, October 12, 2006
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