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Politics : Formerly About Advanced Micro Devices
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To: tejek who wrote (345642)8/3/2007 6:00:40 PM
From: Jim McMannis  Read Replies (1) of 1577189
 
Florida is ground zero.
A lot of ATMs will reset in the next year or two. There will be no money to refinance unless you have 20% equity. So it resets higher. Kaboom.
Greenspan lowered rates to nil, told Congress and everyone ARMs were great. Then raised rates 17 times in a row. Tar and feather would be a light sentence for him but it all started with Clintons tax cut in 1997.
Try the Real Estate thread on SI for updates.
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