Who Selected Adjustable-Rate Mortgages? Evidence from the 1989-2007 Surveys of Consumer Finances
49 Pages Posted: 24 Mar 2010
Date Written: March 17, 2010
We find evidence that households selecting adjustable-rate mortgages (ARMs) during the recent decade were disproportionately those who were less suspicious or who may have had difficulty understanding complicated ARM features that became commonplace prior to the financial crisis.
Keywords: Mortgages, Brokers, Adjustable-Rate Mortgages.
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