Every loan product has its place. Option ARMs, interest-only, reverse mortgages, adjustable rates, high LTV, subprime, all mortgage products serve some borrower’s unique financial circumstances. Contrary to popular belief, exotic loan products were not inventions of the housing bubble. The problem during the housing bubble was the proliferation of these products outside their usual niche caused by the mispricing of risk.
Subprime and Exotic Loans Relegated to the Fringes
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