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Mitsubishi UFJ Financial Group Incorporated
The rich are different -- they still get interest-only mortgages
The rich are different -- they still get interest-only mortgages

Few of the nontraditional home loans that triggered the financial crisis are still available, and lenders will have even more reason to avoid them now that the Consumer Financial Protection Bureau’s definition of presumably safe and sound mortgages is in effect. But even though the CFPB’s so-called qualified mortgage standard became official on Friday, one type of loan it excludes — the interest-only mortgage — will remain a common offering for a certain category of borrower: well-off buyers of expensive homes. Many banks that lend in high-end California markets plan to keep making these loans for affluent clients who want them. Often these are self-employed...

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