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April 02, 2007
A Farewell To ARMs
One less financing option
when you deal with a mortgage broker.
when you deal with a mortgage broker.
Countrywide was the largest originator of what they call “Pay Option ARMs” in 2004 and 2005. They were successful by offering large yield spread premiums to the mortgage brokerage community for these products. They knew that unscrupulous brokers and originators would “sell” the low 1% start rate while ignoring the fully-indexed rate charged to a customer.
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Posted on April 2, 2007 10:52 AM by Mortga104.
Filed in Mortgage Calculator under mortgage brokers.
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