That would be the hedge funds, who making huge profits gouging the unwary with option Adjustable Rate Mortgages (ARM). Business Week details the slippery accounting practices, greedy hedge funds, unscrupulous mortgage brokers and banks – as well as how some homeowners will soon find their itty bitty mortgage payment just got way more costly. Some, unquestionably, will lose their homes.
Not that the hedge funds care. The rich grind the poor and pocket the profits. Ain’t capitalism grand?
To make matters worse for homeowners, the recent tightening of bankruptcy laws means even if you lose the house, you are still liable for the money.
[tags]ARM mortgages[/tags]