TITLE

Bank United of Florida Scaling Back Pay-Option Lending

AUTHOR(S)
Muolo, Paul
PUB. DATE
June 2008
SOURCE
National Mortgage News;6/2/2008, Vol. 32 Issue 35, p2
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that BankUnited Financial Corp. (BUFC), one of the leaders in the Adjustable Rate Mortgage (ARM) market in Coral Gables, Florida is scaling back the production of its payment-option ARM (POA) market. It states that the balance sheet of BUFC holds $7.4 billion in POAs. It mentions that POA offers borrowers four different payment options including negative amortization. It is confirmed that only the firm's private banking customers will be eligible for POAs.
ACCESSION #
32594553

 

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