Wow, I missed this link in the mortgage nanny article I referenced from Forbes earlier. Check out some of these stats:
Countrywide Financial:
42% of its mortgage portfolio consists of pay-option adjustable-rate mortgages, in which borrowers decide each month how much to repay and can face negative amortization of the loan.
Washington Mutual:
33% of its loans through the third quarter of 2006 were pay-option or interest-only loans that tend to result in higher default and foreclosure rates.
Do either of those companies sound like they are focussed on helping people own homes? Maybe for the other 58-66% of the customers?
Friday, February 16, 2007
Lending laws..more...
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