By Patrick Rucker
WASHINGTON (Reuters) Dec. 11 -- During the recent U.S. housing boom, mortgage lenders touted so-called exotic mortgages that allowed people to buy houses they could not otherwise afford. Now those lenders are bracing for the not-so-happy story of borrowers like Jesline Jean-Simon.
The Miami woman bought her two-bedroom condo a year ago on a 3 percent adjustable rate mortgage with flexible payments.When home prices in the city were blasting off two years ago, Jean-Simon was sitting pretty.
But now prices have eased and she works three jobs just to manage a mortgage that has ballooned into interest rates of around 10 percent.
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