ARM-Backed Securities Issuance Surges in 2Q02, Buoyed by Heavy Volume in Subprime Market
September 6, 2002
The growing popularity of hybrid ARM products and interest-only payment terms helped produce a solid 26 percent increase in the securitization of adjustable-rate mortgages during the second quarter of this year. While overall mortgage originations were declining because of slower refinance activity, ARM securitization in the conventional market was growing from an already solid start in the first quarter of 2002. A