Sep 22
More confirmation with regards to what we’ve already stated. See previous entry and data here.
Another Wave of Foreclosures Looms
Washington Post (09/09/09) P. A13; ElBoghdady, Dina
A new report from Fitch Ratings estimates that fatter payments on resetting option adjustable-rate mortgages will lead to another round of foreclosures for the housing market. About $134 billion in option ARMs will reset by 2011, and monthly payments are expected to surge 63 percent on average, or by $1,053 a month, according to Fitch, which also notes that many borrowers are struggling. As of April, more than 35 percent of option ARMs were already two months or more late even though they had not reset.
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