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Mortgage Meltdown, Phase 2 2007-12-28 02:56:40 (140 weeks ago) Posted By: Intellpuke (Read 1115 times || 0 comments) Delinquencies among holders of risky option ARMs are increasing as their minimum payments climb. Thought the mortgage meltdown was just a sub-prime affair? Think again. There's another time bomb waiting to explode, experts say: risky loans made to people with good credit. So-called pay-option adjustable-rate mortgages, or option ARMs, were the easiest and most profitable home loans for lenders and brokers to make for much of this decade. Last year, they accounted for about 9% of the volume of all mortgages made in the U.S. and were especially popular in California, Florida and Nevada - states where home prices rose the most during the housing boom and are now falling most sharply. An option ARM loan gives a borrower the option of paying less than the interest due, causing the loan balance to rise. If it rises too much - say, by 10% or 15% - the opportunity to make a low payment vanishes and the required payment skyrockets. (story continues below) Your Ad Here Make a donation today to remove the advertisments! This Story Has Been Archived. To read the full story in the archives, please make a donation. Log In Now Admin Functions Edit Story Email To A Friend Email this story to a friend: Your Name: Their Email:   Related Stories (βeta) Home Foreclosures Reach Record High 2007-06-14 13:14:22 (Score: 45) Despite Modifications, U.S. Home Loan Defaults Are High 2009-04-03 15:00:57 (Score: 44) U.S. Home Foreclosures Accelerate To Fastest Pace In Almost 3 Decades 2008-09-05 14:07:49 (Score: 43) About Half Of U.S. Mortgages Seen Underwater By 2011 2009-08-06 16:08:49 (Score: 43) No Money Down Disappearing As Mortgage Loans Option 2007-08-05 16:00:25 (Score: 43) Bush To Offer Proposals To Ease Mortgage Crisis 2007-08-31 03:24:07 (Score: 40) Foreclosures, Delinquencies Among 'Prime Borrowers' Are Skyrocketing 2008-11-24 14:59:07 (Score: 39) U.S. Prime Mortgages Going Bust At An Alarming Rate 2010-05-20 13:55:56 (Score: 37) New U.S. Mortgage Foreclosures Set Record 2007-09-06 14:11:08 (Score: 37) U.S. Home Foreclosures Hit Record High 2008-03-06 14:48:39 (Score: 37) California, Florida Lead U.S. In Big Foreclosure Surge 2008-06-06 13:32:39 (Score: 36) Consumer Group: Reverse Mortgages Are Ripe For Abuse 2009-10-06 22:13:10 (Score: 35) 1 In 10 Americans Behind On Mortgage Payments Or In Foreclosure 2008-12-05 15:33:38 (Score: 35) U.S. Lawmakers Worry That FHA May Be Setting Up Repeat Of Housing Bubble 2009-10-08 16:45:38 (Score: 34) More FHA-Backed Mortgages Default Without A Single Payment 2009-03-08 15:33:54 (Score: 34)   Readers Comments Add your own comment. (Anonymous commenting now enabled.)

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