Monday, June 12, 2006

Non-traditional mortgages attract vulnerable borrowers

Here's a new report from the Consumer Federation of America regarding the various interest-only and "payment-option" plans that cut monthly payments sharply in the early years of a loan.

No suprise (I suppose unless you buy the mortgage industry's line of bull) that the study found that home buyers who take out payment-option loans tend to have below-average credit scores. Nearly 54% of payment-option users in the sample had FICO scores below 700.


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