Episode - Explainer: What's So Exotic About an "Exotic Loan"?
What's So Exotic About an "Exotic Loan"? Its zany repayment plan. By Juliet Lapidos The Federal Reserve will issue new lending rules to "restrict exotic mortgages" for people with poor credit ratings, according to a report in Tuesday's New York Times. What's so exotic about an exotic mortgage? Its nontraditional repayment plan. Under a conventional mortgage, a borrower pays back part of the loaned money each month, along with interest. A borrower who takes out an "exotic" or "alternative" loan, by contrast, can put off paying back the principal. With an interest-only plan, or "IO," the borrow
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Slate Explainer Podcasts
Category: Politics & Opinion
Last update: Mon Dec 01 16:39:32 -0800 2008
Slate is the Internet's leading online-only magazine. Founded in 1996, we offer a daily selection of articles about politics, popular culture, the arts and science. Our Explainer podcasts feature answers to those little questions you have about the news (but were afraid to ask). For example: "Are concession speeches binding?"
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