Monday, June 09, 2008
pay-option ARMs hit mainstream awareness
facts haven't changed much since october of last year, much less the mark hanson letter. but the recasting data is a needed contribution to the picture -- these loans, thanks to the heavy preponderance to negatively amortize, are reaching their LTV triggers to full amortization very early. from late 2009 to october 2010 full amortization will force these loans into foreclosure at peak rates, as opposed to the 2011 anticipated previously.