Archive for June, 2009

High Rate Mortgages for Option ARMs Slow Housing Recovery

Shirley Breitmaier’s mortgage payment started out at $98 when she refinanced her three-bedroom home in Galt, Calif., in 2007. The 73-year-old widow may see it jump to $3,500 a month in two years.  Breitmaier took out a payment-option adjustable rate mortgage, a loan popular during the housing boom for its initially low minimum payments. According [...]

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