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Why HARM the subprime borrower?

Rajdeep Sengupta and Yu-Man Tam ()

The Regional Economist, 2010, issue Apr, 21-22

Abstract: Hybrid adjustable rate mortgages (HARM) were designed to be refinanced by the reset date, when the interest rate would jump. These mortgages worked out well for many people who were credit risks - but only as long as housing prices continued to rise.

Keywords: Subprime; mortgage (search for similar items in EconPapers)
Date: 2010
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Handle: RePEc:fip:fedlre:y:2010:i:apr:p:21-22