60 Minutes reports: A Second Mortgage Disaster On The Horizon?
We’ve been saying this for a long time… and for the record, Ill pull up a previous post from a few months ago with a very troubling graph showing the true impact of these new Alt-A and Pay Option ARMS.
From my April 24 post:
Recently, I have researched the impact and adjustment period of different types of adjustable loans. It seems by the end of 2008, most of the subprime adjustable loans will have adjusted at least on some level. Many in the media are speaking of the lending crisis ending at the end of this year. My data says differently. Beginning in Q1 of 2009 and continuing through Q4 of 2011, we will see an influx of new adjustables, ALT-A and Pay Option ARMS. This is just the beginning of the Tidal Wave as most of these loans are already in a negative equity state. See this Adjustment schedule for yourself. Month 1 is January 2007.
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