2008-02-20 — cnn.com
For months, we've fretted about the Armageddon that will hit when subprime adjustable rate mortgages start resetting to much higher interest rates. What's happening is even worse: Many of these loans are defaulting well before their rates increase.
As we've been saying all along, this nation has an affordability problem, because it has an income problem. We are paying the price for incomes that have been on the decline since the late 70s. Expect the current wave of job loss to make things worse.
source article |
permalink |
discuss |
subscribe by:
|
RSS |
email 
Comments: Be the first to add a comment
add a comment | go to forum thread
Note: Comments may take a few minutes to show up on this page. If you go to the forum thread, however, you can see them immediately.