Allen Fishbein
Allen Fishbein
amount calculate consumers found groups vulnerable
There are very vulnerable groups out there. We found many consumers severely underestimated what their payments would be when they adjusted. Some didn't even know how to calculate what their payments would amount to.
borrowers credit danger mortgage treating understand
A lot of borrowers don't understand the risks. There's a danger in treating a mortgage like a credit card.
payment series
There could be a series of payment shocks.
address agencies buy consumers glad higher home issue lending mortgage quite risk stay switch
We're glad to see the agencies address this issue because the switch to higher risk mortgage lending has been quite dramatic. A mortgage is not just about consumers being able to buy a home but being able to actually stay in the home that they purchased.