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The Need for Reform of the Fixed Rate Mortgage
The VRM in an Inflationary Ieriod
Benefits and Costs of the Low Start Mortgage LSM
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anticipated inflation availability of mortgage benefits and costs Benefits to Borrowers Benefits to Lenders borrowers and lenders borrowers be able Borrowers benefit California VRM cash flows cost of funds Costs and Risks costs on borrowers declining Decrease in anticipated default risk disintermediation earning equity build-up example fixed rate mortgage fixed-rate mortgage funds index increases in payments increasing payments initial interest differential initial payments interest on deposits interest rate increases interest rates interest shortfalls interest-only loan loan balance loan to value low start feature low start mortgage LSM payments maturity ments money market monthly payments mortgage instruments mortgage money mortgage rates numbers partially defeat payment stream payments increases payments rise prepayment penalties prevent increases Private mortgage insurers rate of interest rate on VRMs reduced rising payments Risks to Borrowers rowers secondary market slow equity substantial thrift institutions truth-in-lending variable rate mortgage VliM VRM and LSM VRM rate