The Neon Wilderness

Saturday, November 11, 2006

Life And Debt
Pair of CS Monitor articles about Adjustable Rate Mortgages or ARM's. ARM's being essentially a scam, a way to get people who could not otherwise afford a home to buy one, the interest rate starts low but then can skyrocket making the homeowner increasingly unable to keep up, until eventually foreclosure, essentially a mortgage equivalent of a payday loan or rent-to-own furniture store, in other words a new way to take money from the poor.
CS Monitor "Risky mortgages threaten a squeeze"
"Faced with difficult adjustments, homeowners weigh their options"

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