Coming Monday: “In Defense of ARMS: They’re Neither ‘Evil’ Nor ‘Toxic’”by Tim Manni
Starting Monday, we will introduce a new article written by HSH’s Vice President Keith Gumbinger. The five-part article outlines the need for and value of Adjustable Rate Mortgages (ARMs).
The article is written in defense of the mortgage product which many, including Washington, are nearly ready to write off entirely. For example, it’s expected that the proposed Consumer Finance Protection Agency would all but eliminate adjustable-rate products. “Arguments that ARMs are ‘evil’ or ‘toxic’ simply aren’t supported by facts,” writes Gumbinger.
“ARMs have been vilified over the past few years, implicated in the collapse of the housing market. However, there are people who want — even need — ARMs, and they shouldn’t be eliminated from the mortgage menu under the guise of ‘consumer protection.’”.
Be sure to check in with us each day next week as we unveil a new section of Gumbinger’s article.