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- The rate of option ARM delinquencies is already spiking
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The next wave of foreclosures is expected to gather strength when the million or so option ARMs start resetting in large numbers next spring. But it seems that many of these loans, which allow borrowers to make minimum payments that don’t even cover the accrued interest, are already going delinquent.
Strange, right? The loans were generally given to folks with good credit, most of whom are still only making minimum payments.
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2 July, 2008| housingblogs |
@ 21:58