More than two million subprime adjustable rate mortgages (ARMs) are poised to reset at much higher rates in coming months, worsening an already suffering housing market.Can you say more supply coming?
Borrowers who took out hybrid ARMs in 2004 and 2005 to secure low "teaser" rates for the first two or three years of the loan may see their monthly mortgage payments climb by35 percent or more.
Tuesday, July 17, 2007
Mortgage Resets: Record Bill Coming Due
CNN reports:
