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Good move by Freddie Mac. This was a bad product

Started by Riversider
almost 16 years ago
Posts: 13572
Member since: Apr 2009
Discussion about
Freddie Mac to end interest-only mortgage purchases February 26, 2010 04:30PM Freddie Mac is planning to end its purchases of interest-only mortgages by September, the mortgage giant announced today. That includes the company's own Initial Interest fixed-rate and adjustable-rate mortgages, which allow interest-only monthly payments for a certain period, after which monthly payments switch to principal plus interest for the remainder of the mortgage term. The government-backed company said it will also halt its practice of securitizing such mortgages. TRD
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