[ex-Texan]

montag813 -- You need to read more slowly or more carefully. Or try to understand what you just glanced over. Thousands to people bought home in the past two years on mortgage with 2.5% - 2.9% teaser rates. People who elected to purchase $ 500,000 homes with Option ARM loans in 2004 will be getting notices of increased rates. Their mortgage payments will be going went up from about $ 1,200 a month to over $ 3,000.

Kokojmudd -- Coast2Coast has millions of listeners. I do not put any faith in what psychics claim. But the program does influence millions of people who share their opinions with others.

Both of you people ought to read the entire editorial. The writer has many uncomplimentary things to says about realtors and mortgage brokers.

[SierraWasp]

"The writer has many uncomplimentary things to says about realtors and mortgage brokers."

Why the extreme prejudice toward two of America's great legitimate industries that help multi-millions each and every year? I'll bet you were one slammin the stock brokers because the market went down for 3 years, right???

Stick to staumpin out the evil in politics, not industry!!!

[Phantom Lord]

People who elected to purchase $ 500,000 homes with Option ARM loans in 2004 will be getting notices of increased rates. Their mortgage payments will be going went up from about $ 1,200 a month to over $ 3,000.

Option ARMs are a MONTHLY ARM, so those who got Option ARMs have been having an increase in their rate monthly for the better part of a year or more. They do not suddenly get a letter at the beginning of the year saying "Your rate is going up to X%." It doesn't work that way.

And anyone with a standard ARM would get their rate adjustment letter 45 days prior to the anniversary of their 1st payment. Not a beginning of the year letter.

And also, with an Option ARM, your minimum payment can not go up more than 7%. So a $1,200 payment could go to a maximum of $1,284. Not $3,000.