Relevant:
- Bair: 3,500 Mortgages Modified at IndyMac Under FDIC Program
- How Much House Can You Afford? Are You Sure?!
- Mr Mortgage: Engineering the Housing Bubble Through Monthly Payments
- Countrywide's New Scare - 'Option ARM' Delinquencies Bleed Into Profitable Prime Mortgages
- Exotic Mortgages Likely Behind "Surprising" Credit Union Failure
2008-12-03 — ml-implode.com
"Sheila Bair’s underwriting makes Angelo Mozillo’s look tight. The IndyMac loan modification shown here has redefined ‘exotic’ and ‘leverage’ with respect to mortgages. I am going to name it the 5-year hybrid ARM, 30-year term, 8-year graduated payment, 176% combined loan-to-value, mega-balloon (document below). And you thought Pay Option ARMs were exotic!"
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