ARM holders will see payments soar as their mortgages reset
(NEWSER) - America’s subprime victims may have grudgingly accepted their fate, but there’s a new class of borrowers primed to suffer, BusinessWeek reports. Homeowners who took out ARMs, or adjustable rate mortgages, will soon face skyrocketing payments as their loans reset. About a million people have the mortgages, but only a small number have already fallen due. “It's a ticking time bomb inside your house that you can't get rid of,” one insider said. More»
