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Strategies & Market Trends : Aardvark Adventures

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Dec 12 9:30 AM EST

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To: ~digs who wrote (2339)	9/1/2006 6:23:23 PM
From: ~digs	of 7944

Nightmare Mortgages biz.yahoo.com For cash-strapped homeowners, it was a pitch they couldn't refuse: Refinance your mortgage at a bargain rate and cut your payments in half. New home buyers, stretching to afford something in a super-heated market, didn't even need to produce documentation, much less a downpayment. Those who took the bait are in for a nasty surprise. While many Americans have started to worry about falling home prices, borrowers who jumped into so-called option ARM loans have another, more urgent problem: payments that are about to skyrocket.

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