From the North County Times, we have Survey finds alternative loans are still popular.
More than one-third of California mortgage brokers believe that interest-only loans will be the most viable loans for borrowers because of the continued high cost of housing in the state, according to a survey released Monday.
Ed Smith, director of the association and a San Diego mortgage broker, said that interest-only loans were not necessarily desirable, but were a product of the market.
"Most people can't afford a 'real' payment on their house," he said. "They're hoping for an increase in income or a windfall. A lot of people got in on the frenzy and made an emotional decision."
Holy hallucinations!
Most people can't afford a "real" payment but are hoping for a windfall. Hence, the proliferation of i/o-loans.
Well, an epic ass-pounding is not necessarily desirable either, but it's going to be a product of the market.
Here's looking at you, kid!
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