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Yu Man Tam

Research Associate
Federal Reserve Bank of St. Louis

Publications & Resources

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  • Why HARM the Subprime Borrower?

    April 2010 | Regional Economist

    Hybrid adjustable rate mortgages (HARM) were designed to be refinanced by the reset date, when the interest rate would jump.  These mortgages worked out well for many people who were credit risks—but only as long as housing prices continued to rise.