Haven't banks learned anything from this mess?
As someone who is stuck in the middle of rate land with a 5.75% 30-year fixed mortgage on my home, I
peek at what my bank is offering on mortgages from time to time in hopes that I may be able to lock in a
4.75%, zero point, 30-year fixed to take advantage of the fact that rates are at record lows.
One would think that banks would have learned their lesson during the recent implosion of the housing
/ credit bubble and that they would be much, much more conservative in the types of exotic loans that
they offer today.
Unfortunately, that doesn't seem to be the case with Bank of America.
Here's the list of available loans that comes up when I query the rates in my area:
Really?! They're still offering 5-year, interest-only ARMs? Good grief.