2004

Cosa , Montag, 07.04.2008, 05:20 (vor 6517 Tagen) @ DT

in adjustable rate mortgages (ARMs) (anpaßbare Zinssätze) getrieben.

Ich such die Quelle noch raus, ich glaub, es war 2004 oder 2005.

****************
es war 2004:

Remarks by Chairman Alan Greenspan
Understanding household debt obligations
At the Credit Union National Association 2004 Governmental Affairs Conference, Washington, D.C.
February 23, 2004

...

One way homeowners attempt to manage their payment risk is to use fixed-rate mortgages, which typically allow homeowners to prepay their debt when interest rates fall but do not involve an increase in payments when interest rates rise. Homeowners pay a lot of money for the right to refinance and for the insurance against increasing mortgage payments. Calculations by market analysts of the "option adjusted spread" on mortgages suggest that the cost of these benefits conferred by fixed-rate mortgages can range from 0.5 percent to 1.2 percent, raising homeowners' annual after-tax mortgage payments by several thousand dollars. Indeed, recent research within the Federal Reserve suggests that many homeowners might have saved tens of thousands of dollars had they held adjustable-rate mortgages rather than fixed-rate mortgages during the past decade, though this would not have been the case, of course, had interest rates trended sharply upward.

American homeowners clearly like the certainty of fixed mortgage payments. This preference is in striking contrast to the situation in some other countries, where adjustable-rate mortgages are far more common and where efforts to introduce American-type fixed-rate mortgages generally have not been successful. Fixed-rate mortgages seem unduly expensive to households in other countries. One possible reason is that these mortgages effectively charge homeowners high fees for protection against rising interest rates and for the right to refinance.

American consumers might benefit if lenders provided greater mortgage product alternatives to the traditional fixed-rate mortgage. To the degree that households are driven by fears of payment shocks but are willing to manage their own interest rate risks, the traditional fixed-rate mortgage may be an expensive method of financing a home. "

Damals wurde gewarnt, u.a. die Consumer Federation of America (24.7.2004):

"Historically, ARMs were the most likely to be purchased by affluent consumers who could afford mortgage interest rate increases. But recently, ARMs, which are now the choice of more than 30 percent of mortgage purchasers, are being marketed by some lenders to all potential buyers, regardless of income or assets. More disturbingly, according to one report, subprime borrowers are more than twice as likely as those with high credit scores to purchase ARMs.

"Lenders who aggressively market ARMs to lower-income consumers and those with low credit scores are acting irresponsibly," said Brobeck. "Given the high probability of interest rate increases, an adjustable rate loan made to a family which can barely afford the initial monthly payments represents a ticking time bomb," he added."

Eiskalt ins Messer laufen lassen.

Gruss
Cosa

--
www.markt-daten.de - Daten in allen Facetten!