2007-12-14 — efinancedirectory.com
Not everyone with an ARM will be affected by the recent rate cuts. Borrowers who have an ARM tied to the London Interbank Offered Rate (LIBOR) will see no change. The LIBOR is used to set rates for the majority of adjustable rate subprime loans and jumbo loans.
The article says half of ARM borrowers are on LIBOR. We've heard the figure is much higher... about 75%. Anyone have a reference on this?
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