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'Cheap Mortgages' Start To Come Due

Posted by: Michael Dudley

6 January 2006 - 6:00am

Homeowners who gambled on risky mortgage products could find themselves paying hundreds of dollars more per month in the coming year as these products are reset to real-world interest rates.

"Starting in 2006 and accelerating into 2007, as much as $2.5 trillion worth of the fancy mortgages called "hybrids" are coming to the end of the free-lunch part of the deal...[and] some would-be investors -- those who took out highly leveraged loans with extremely low payment options -- could soon find themselves owing more on a house than it is worth."

Full Story: Clock is running down on 'cheap' mortgages
Source: Herald-Tribune, January 3, 2006
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