Posted on 11/10/2009 8:32:30 AM PST by TheDailyChange
When the BALLOON hits and they fall hard and fast, to what degree will it further devastate the American economy?
Charts forecast an explosion of foreclosures next summer...just in time for the congressional elections.
How many are set to go. We’ve been through massive waves of resets over the past 2 years already. 2/3 or more have already gone.
Like a room brimming with hydrogen-filled balloons.
With how low the rates are, they most likely will not reset much higher possibly even lower. I have an Option ARM and my rate is currently 2.25%. Within the next 3 months it looks like it will go under 2.0%.
$30 billion home loan time bomb set for 2010
Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/20/MNOR19N2B1.DTL#ixzz0WTYKCOxU
So, with Obama and Congress trying to so hard to pass bills that run up government debt and devalue the dollar, putting upward pressure on interest rates, are we to conclude that the Democrats are ACTIVELY TRYING to cause the option ARMS to reset higher and blow the economy up even worse than it already is?
(posed as a discussion starter/ food for thought)
Be careful and read the fineprint. Some have clauses that they cannot go down, only up. Make sure you are AWARE of what yours says. I have seen both, but a lot depends on your credit, etc.
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