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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: Nikole Wollerstein who wrote (86258)9/14/2007 9:01:59 AM
From: westpacific  Read Replies (3) of 110194
 
Must read article, 45K income, broke and now 19K payment a year just for house.

This is America today and you tell me....what is the answer.

West
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The loan, for $205,000 and which the Larsons signed in February 2005, required them to pay only interest at first, or $11,400 a year, with the 5.6 percent rate to reset after two years. Larson knew there was a prepayment penalty, but thought it expired in two years; it was actually three years. Now the Larsons' payments have climbed to $19,000 annually, at a new rate of 9.3 percent.

iht.com
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