Thomas Sowell Quote
The traditional fixed-rate 30-year mortgages, which were once a majority of all mortgages, were no longer a majority during the housing boom, as ARMs and other creative ways of financing the purchase of a home grew rapidly to cope with soaring housing prices. Such innovative mortgages quickly went from being rare to becoming common, especially in places with very high housing costs.
Thomas Sowell
The traditional fixed-rate 30-year mortgages, which were once a majority of all mortgages, were no longer a majority during the housing boom, as ARMs and other creative ways of financing the purchase of a home grew rapidly to cope with soaring housing prices. Such innovative mortgages quickly went from being rare to becoming common, especially in places with very high housing costs.
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