Essentially, option loans are bets that good things will happen. Maybe the mortgage holder will get a big raise, or sell a script to Hollywood, or inherit a chunk of change. When the borrower has to start paying off the loan in earnest in five years, the plan is that he or she will somehow be able to handle it. Full Story »
Posted by Autumn Carlson
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Covers the pluses and minuses, the attractions and pitfalls of these types of loans. While it tends to emphasize the negatives, the seriousness of their possible impact on the economy in general excuses the apparent bias.
The story needs more info on the "type of loans" how they're sold or marketed, and generally a borrower beware message
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