Unfortunately, this is going to happen more and more throuhout this year as alot of Adjustable Rate Mortages skyrocket to where the mortgage holders can no longer afford them. It then becomes get off a sinking ship and grab ahold of anything you can to stay afloat.

Those like the family in this case who want to get into a home no matter what and will take the ARM' s low-monthly-payments up-front are setting themselves up for a HUGE hit down the road. Guess what... now, they are "down-the-road" and the 'hit' is here.

ARM's are only for a few and not everyone. But then again, the account executives at the lending institutions don't tell them that. They get their commission as long as the loan is funded.

Are there probably issues this the report? Probably.... but there are going to be folks who get-in waaayy over their head when the ARM's jump (as they have and continue to do).


Rich

__________________
"If con is the opposite of pro, is Congress the opposite of progress?"
Richard Rushing, HCRI
Duncanville, Tx.