These Option ARMS - adjustable loans that gave people four payment options every month - continue to rattle the psyche of people trying to see some end in sight for the housing market downturn. These are the loans that grow larger instead of smaller and eventually "explode," causing a huge rise in monthly payments that most borrowers can't make.
They are among the most dangerous, riskiest loans made during the housing boom and Sacramento borrowers used a lot of them.
This story from the Housing Wire details a new Fitch Ratings report predicting lots of foreclosures in 2009 and 2010 as these loans go bad.
I've put a lot of these Option ARM stories onto this blog already, but they just keep coming.
They are among the most dangerous, riskiest loans made during the housing boom and Sacramento borrowers used a lot of them.
This story from the Housing Wire details a new Fitch Ratings report predicting lots of foreclosures in 2009 and 2010 as these loans go bad.
I've put a lot of these Option ARM stories onto this blog already, but they just keep coming.
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