A mortgage that carries provisions to change the interest rate periodically. Remember if the rate can ever change..even once..it’s an adjustable rate mortgage.
With the Fed jumping in on Friday to calm the markets it would be easy to be fooled into thinking the worst of this financial irresponsibility is over…it’s only just begun!
We are hearing a lot lately about how the subprime lenders are dying due to the default rate inherent in loan programs which are primarily adjustable rate with lax income verification and/or credit requirements. This is where most people who don’t have a subprime loan start nodding off…snoozzzzZZZZ.
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