“What do you mean sub-2% ??
There were no 2% SP loans….
The 1%-2% PAY RATES were 7%++ loans that were neg am, and are not covered by Bush/Paulson”
I’m not talking about subprime loans.
If you look at that article, on page 31 it says that 1/3 of all outstanding ARMs in San Diego County (prime and subprime) are “red rate group”, with initial interest rate below 4.0%. The question is, are all these loans neg-am, or was there anything else going on.
