Fri
Sep
18
"Option ARMs are about to explode"
From Reuters: “Option” mortgages to explode, officials warn
“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.
…
In Arizona, 128,000 of those mortgages will reset over the the next year and many have started to adjust this month, the state’s attorney general, Terry Goddard, told Reuters after the meeting.
“It’s the other shoe,” he said. “I can’t say it’s waiting to drop. It’s dropping now.”
