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Non-Tech : Deflation
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To: JF Quinnelly who wrote (396)1/5/2008 9:40:05 AM
From: Ilaine  Read Replies (2) of 621
 
I am very surprised at how lenders have been shooting themselves in the foot with these ARMs. I have many clients whose mortgages simply doubled overnight, ridiculously, e.g., from $2,500 a month to $5,000.

These are people with modest incomes, they can't afford it, and then the lenders foreclose, but nobody buys the properties, so the bank buys them, and they sit vacant, depreciating.

Seems much saner to keep the ARM payments low and have a steady income stream.
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