2. Overview. Adjustable Rate Mortgages and Lender ConsiderationsInterest Rate Risk of Constant Payment MortgagesPrice Level Adjusted Mortgage (PLAM)Adjustable Rate Mortgages (ARM)ARM Effective Yield. 3. Adjustable Rate Mortgages and Lender Considerations. The need for adjustable rate mortgage instrumentsThe interest rate risk of constant payment mortgages is tested in 1970s when inflation acceleratedThrifts (Savings and Loan Associations) borrow funds short-term at low rates then invest in9453
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