Wednesday, January 7, 2009

You Think Housing is Bad Now? Just wait...

- "The problem now is that the insanity didn't end with the sub-primes...there were other exotic loans: alt-A's and option ARMs."
- "The teaser rates will go up. A mortgage payment of $800 a month could easily jump to $1500."
- "70% of these option ARMs will default."
- "We're looking at about 3 to 4 to 5 years."

(h/t Chicken Smith)

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