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9.2.14 Flashcard Review

Amanda Ukasick

Created on September 13, 2025

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Transcript

Which of the following describes a piggyback loan?

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A loan that combines two mortgages to cover the full home value.

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What is a characteristic of short-term hybrid ARMs commonly found in the nonprime mortgage market?

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They combine a fixed-rate period with a subsequent adjustable-rate period.

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What factors contributed to the 2007–2008 mortgage crisis related to ARMs and nontraditional loans?

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Aggressive marketing of adjustable-rate mortgages, interest-only loans, and other nontraditional products, combined with lax underwriting standards, rising home prices, and widespread securitization.

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