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I was listening to some of the WaMu offerings,
An ARM that had several payment options each month.
Full payment,
Interest only,
minimum payment.
The min payment was less than the interest only so that the payee at the end of the month owed more than what they started with.
I also heard of serveral, bad credit loans, that if you missed a payment added 25 pct to the payment, as the result of the increase in interest, the 1st month, another 50 pct the next month.
The loan started at 1250 per month at the end the payee owned 4500 per month!!!
amazing,
It's deregulation at it's finest.
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