10. I think that we should all be concerned with the optional interest only
mortgage.
These are worse than the interest only since with the optional, interest can change every month while the payment remains fixed. The difference in the interest payment is added to the loan amount.
But the brokers and lenders that provide these loans do not serve them. They then sell them to investors and I have to wonder who these investors are. May some of them be insurance companies and banks and other supposedly financial institutions? What happen when the home owners do default on their loans in 5 years? Would there be a ripple effect across the financial world, affecting our personal saving and retirement accounts?
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