We Were Warned:U.S. “option” mortgages to explode, officials warn

Posted by admin
September 17, 2009

The federal government and states are girding themselves for the next foreclosure crisis in the country’s housing downturn: payment option adjustable rate mortgages that are beginning to reset.

“Payment option ARMs are about to explode,” Iowa Attorney General Tom Miller said after a Thursday meeting with members of President Barack Obama’s administration to discuss ways to combat mortgage scams.

“That’s the next round of potential foreclosures in our country,” he said.

(Excerpt) Read more at news.yahoo.com …

Foreclosure

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