Beware of exploding mortgages
The subprime problems of the last few weeks and months haven’t gone away for long. There will undoubtedly be interest rate hikes in the wake of the eruption. The credit environment is about to get much worse as marginal lending is reinstated. Lenders have used “exploding ARMs” (adjustable rate mortgages) before which they start at attractively low interest rates, but […]
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