PRESIDENT GEORGE W. BUSH Message Board

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Politics : PRESIDENT GEORGE W. BUSH

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From: Jamey	9/4/2006 1:56:15 AM
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Nightmare Mortgages They promise the American Dream: A home of your own -- with ultra-low rates and payments anyone can afford. Now, the trap has sprung COVER STORY PODCAST 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. BusinessWeek businessweek.com Santi

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