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...option adjustable-rate mortgage the next subprime disaster? For anyone who remembers that souring subprime loans kicked off the real estate meltdown, that's a scary thought. Recent analysis from Standard & Poor's (S&P) anticipates that a full 37.5% of such loans (dubbed option ARMs) that were written in 2007, at the height of lax lending, will eventually go bad. The kicker is that most option ARMs undergo payment spikes after five years, which means the brunt of the impact has yet to be felt. That will change in late 2010, delivering another blow to the fragile housing market...
Some people with option ARMs have already seen their payments spike, thanks to caps on negative amortization - that is, a loan balance that grows, instead of shrinks, over time. In its report, Amherst dissected one such loan, which was written in 2007 for $465,000 over 40 years. A minimum monthly payment that started at $1,260 soon rose to $1,354 and then to $2,806, more than twice the original amount. The borrower quickly defaulted. Going forward, the bigger problem is the reset that normally comes after five years. Even without negative amortization, many borrowers will see their...
...Once we saw the national reaction, we saw it wasn’t something Amit had just been digging for. It was this huge revelation,” recalls Rachel E. Dry ’04, Paley’s fellow magazine associate editor when the story was written...
Here is where a piece jointly written by a male and a female becomes somewhat tricky to navigate. If we seem to imply designs of some weird polygamous tryst, or appear to confuse our own sexualities, please bear with us. This is a bit difficult...
...home. Across the country, from Muskegon, Mich., to Wetumpka, Ala., Tea Party meetings are being convened in restaurants and living rooms and libraries and office buildings - and online. Tea Party thinking has inspired hundreds of websites and Facebook pages. Yet there is no headquarters to visit, no chairman, no written platform and no chosen candidate - although the scramble for that mantle by the likes of Sarah Palin and Representative Ron Paul is as furious as the charge for the inside track at Talladega...