Re: Warning from CNN on financial markets
Was talking with a friend last night. He was paying $3,200 a month on his $400,000 mortgage after his ARM reset, his credit was hurt bad while he got behind on payments until he finally found a lender who gave him... get this... a 5 year interest only, adjustable negative amortization loan with a stated income. I asked him how he knew his income (he's a tip earner) he said "oh, i just lied to get the loan" his loan will reset to $4,500+ monthly payments in 2012.
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