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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: The Reaper who wrote (233837)	12/20/2009 11:49:13 PM
From: Skeeter Bug	Read Replies (1) \| Respond to of 306849

Reaper, i'm aware of 1 year teaser rates in the 1% range, but who was given a teaser rate well below market for 5 years? does the pick-a-payment option end after 5 years and now folks have to make a payment that reduces principle? that could be big right away. one problem is the banks just hold the homes off the market and don't kick the dead beats outs. i heard that $5 billion a month is being saved by people who are no longer paying their mortgage and living for free. that delays the problem and makes it much worse when it finally explodes on the banks and the economy.