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Post by jeffolie on Sept 11, 2007 12:31:29 GMT -6
57% of ARMs unable to refinance NEW YORK, Sept 11 (Reuters) - Some 57 percent of mortgage broker customers with adjustable-rate loans were unable to refinance into a new loan to avoid higher monthly payments in August, a national survey reported on Tuesday. The poll of 1,744 brokers in the last week of August found that subprime borrowers had trouble refinancing mortgages because loan programs were no longer available, according to a statement from Campbell Communications, the Washington-based research firm that conducted the survey. Prime borrowers were impeded by appraisals and high loan-to-value ratios, it said. today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-09-11T133803Z_01_N11406461_RTRIDST_0_USA-HOUSING-BROKER-SURVEY-URGENT.XMLThis is what happens when the loan-to-value ratio goes to hell as your house drops $100,000.
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Post by Ken on Sept 11, 2007 12:59:15 GMT -6
Wow...and how many had low teaser rates. This is like closing the barn door after the cattle are gone. 57% is just palin scary and reuters is reputable.
It sure as hell looks like the drop in value reported is understated. The incentive to understate the drop in values is very high. I dont but the 2% number the mainstream financial media is reporting.
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Post by beachbumbob on Sept 13, 2007 5:06:31 GMT -6
link doesn't work
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Post by jeffolie on Sept 13, 2007 10:39:51 GMT -6
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