Loans That Looked Easy Pose Threats to Recovery
Friday, August 28th, 2009 | Uncategorized
Don’t be concerned that short sale opportunities are going away any time soon. This article takes a look at the Alt-a, pay option ARM tsunami that is now rising on the horizon.
http://www.nytimes.com/2009/08/27/us/27arms.html?
“This was a loan meant for sophisticated investors, or people who expected their cash flow to increase over time,” said Elena Warshawsky, a residential credit analyst with Barclays Capital, which expects 81 percent of the option ARMs originated in 2007 to default, with many ending in foreclosure.
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