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Strategies & Market Trends : YellowLegalPad

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From: John McCarthy	9/4/2007 12:41:27 PM
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<snip> The effort by Bush and the banking agencies was seen as attempt to deal with growing anxiety as up to 2 million homeowners worry about losing their homes because they can no longer meet the mortgage payments. An estimated 2 million adjustable rate mortgages are scheduled to reset by the end of 2008, going from low introductory interest rates to higher rates that in some cases will double or even triple the monthly payment. Already there has been a rising number of defaults of subprime mortgages, loans that were extended to borrowers with weak credit histories. Those rising defaults have roiled financial markets in recent weeks as investors have worried about whether the credit markets will be destabilized by a rising tide of bad loans. biz.yahoo.com

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