'Cheap Mortgages' Start To Come Due

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.
January 6, 2006, 6am PST | Michael Dudley
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"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."

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Published on Tuesday, January 3, 2006 in Herald-Tribune
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