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Broken ARMs

#1 (permalink)

01-15-2008, 05:03 PM

Veronica Corningstone Veronica Corningstone is offline

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Broken ARMs

During the first year, 3/1 hybrid ARMs were discounted 17 basis points, Freddie Mac reported in its 24th Annual ARM Survey. A year earlier, the initial rate discount was 180 BPS. "Disruptions in the capital markets beginning in August and an increase in delinquencies on ARM product has led to a sharp decline in interest-rate discounting and a tightening of credit underwriting on ARMs in recent months," Freddie's chief economist explained in the report.

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