Elimination of interest-only fixed rate loans
In another sign of the times Wells Fargo announced today that they were eliminating their 30 year fixed mortgage with interest-only payments for the first 10 years.
Because Wells Fargo is a bellwether in our industry other lenders are expected to follow suit.
Posted: October 30th, 2008 under Credit Crisis, Fixed Rate.
Tags: credit tightening, elimination of programs, interest-only, Wells Fargo