ING Direct is helping to restore the private mortgage market with a new 5/1 ARM at 3.99 percent. That rate is good on loans up to $750,000, which should be a boost to those in jumbo loans.

Did you know that the federal government now writes some 90 percent of all loans? You may think you're dealing with a private lender, but that private lender turns around and sells its loans to federal entities like Fannie Mae and Freddie Mac. Or else you're talking about a VA or FHA loan to begin with.

This is not a scenario for long-term health in the mortgage marketplace.

As you probably know, ING Direct is an online-only bank that can offer some innovative deals because of its unique business model. Their 3.99 percent offer is a little lower than the market at this time, but there are some other more compelling reasons why this deal is so remarkable.

First, the closing costs with ING are much lower than with a traditional bank. Second, the size of the loan is the real clincher. This is first real initiative since the banking crisis began over a year ago to provide real money at decent rates for those in jumbo loans. Jumbo loans are defined as anything over $417,000.

Other requirements for this particular ING loan include having a down-payment or equity of 25 percent. For many people, that's not realistic. But it's a way for ING to insulate itself from risk of default.

Finally, you must make bi-weekly payments. That is, you must make half a payment every 14 days. This will actually get you out of debt quicker, and it's not a rip like so many other bi-weekly payment plans!

Of course, after 5 years, the loan will adjust and you'll likely have to get out of that ARM.

But for now, Clark hopes other competitors follow in ING's footsteps and continue to open up the private loan market again.