The purpose of this article is to get your factual input on creative mortgages. We’ve seen 80-15-5, Flex Mortgages, and 80-10-10 mortgages. When were they first used? Which bank financed the first of these home mortgages? Which investors bought the first bonds or investment vehicles containing these mortgages? Your answers are invited and appreciated.

In 2005 Alan Greenspan said “Innovation has brought about a multitude of new products, such as subprime loans and niche credit programs for immigrants. Such developments are representative of the market responses that have driven the financial services industry throughout the history of our country.” By August of 2007 such innovative programs caused losses around the world.