Non-traditional home loans under scrutiny
Sunday, February 4th, 2007SACRAMENTO - State lawmakers this week began considering restrictions on unorthodox mortgage-lending practices that have allowed hundreds of thousands of Californians to buy homes they otherwise could not afford.
About half of all new home loans in California are something other than the traditional 30-year fixed loan. They use features such as no money down and variable interest rates, while giving borrowers creative monthly payment options — such as paying only the interest or even less than that.
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