McLEAN, Va. -- Freddie Mac said it plans to start purchasing option-adjusted adjustable-rate mortgages later this year as it tries to catch up with the market and the Wall Street conduits.
These adjustable rate mortgages offer borrowers several payment options, including interest-only payments, to address different and changing needs.
Option-ARMs are especially popular on the East and West coasts and lenders are originating tens of billions of these loans each month, Freddie vice president James Cotton said.
"The street is telling us that's where the ARM market is going," he added.
The secondary market agency plans to start …
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