No More Negative Amortizing Washington Mutual Mortgages
Washington Mutual Mortgage Co. has been hit pretty hard in the last year due to the subprime mortgage problem that the United States faces. As an attempt to clean up its higher risk mortgages, Washington Mutual Mortages has decided to stop offering negative amortizing mortgages.
A negative amortining mortgage is a mortgage where a borrowers minimum payment does not even pay the entire interest on the mortgage. Since the interest is not even being paid off, the amount of the mortgage actually goes up over time.
Washington Mutual Mortgage Co. has created many varieties of home loans and other washington mutual mortgages with various washington mutual mortgage rates, but in its creativity it has found itself in trouble as the housing market has declined. I think that this is a good decision by Washington Mutual. These Washington Mutual mortgages make it too easy for borrowers to take out bigger loans than they can afford.