With the growing presence of non-traditional mortgage products, analysts are now studying the potential effects of these new entrants on the market as well as on borrower characteristics and behavior.

Countrywide Securities, for instance, in a recent report said, "it is reasonable to believe that the growth in affordability products has had a positive impact on real estate prices." Analysts define "affordability products" to include interest-only and negative-amortization or payment-option products.

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