1 in 5 mortgages in the SF metro area from 2004 – 2008 were Option ARMs, twice the national average. The SF Bay area ranks second nationally in these risky mortgages with LA being first (by a wide margin.) In 2010 these mortgages will reset to a much higher level and trigger huge pain [...]
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From Businessweek Option ARMs give you an option of how much to pay each month on a mortgage. There are generally several options or choices. However, once you owe a certain amount (like 110-125% of the original loan amount) then the interest rate rises sharply and no further options are allowed. The blue bars [...] |  | ||||
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