Friday, October 30, 2009
California AG Wants Pay Option ARM Answers
California attorney general Edmund Brown Jr. today sent a letter to 10 major bank and loan servicers in the state calling for the disclosure of their detailed plans to help certain homeowners manage the drastic payment increases on their pay option adjustable rate mortgages (ARMs)... California homeowners hold nearly 60% of the nation’s pay option ARMs originated between 2004 and 2008, the attorney general’s office said. Nationally, about 1m of these loans are schedule to reset in the next four years, creating higher payments for many loans on the brink of negative equity.
California accounted for more than 25% of the nation’s foreclosure activity in Q309...
Housing Wire: California AG Wants Pay Option ARM Answers
California accounted for more than 25% of the nation’s foreclosure activity in Q309...
Housing Wire: California AG Wants Pay Option ARM Answers
Permalink posted by markw @ 5:13 AM 
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