Industry News

Mortgage bankers fight proposed restrictions on hybrid ARMs

Senators want loans classified as exotic
Published on Jan 16, 2007

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by CareyBot

Hybrid adjustable-rate mortgages like the 2-28, which carries a fixed “teaser” interest rate for two years and then fluctuates with market interest rates, should be subject to the same underwriting and disclosure requirements as so-called “exotic” mortgages, a group of ...