Real estate blog entries tagged with option arm by Tamara Heyward (Self-Help)

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Home : Blogs : Tamara Heyward : Tamara Heyward's Blog : Tag "option arm"

option arm: Option ARMs are the next wave in foreclosures? - 08/20/08 11:28 AM

Credit Suisse has reported that a second wave in the foreclosure crisis may be on the horizon. Option ARMs, which I've probably ranted about enough (see Wachovia Reigns In Pick-A-Pay Parts I and II), are scheduled to start resetting en masse around 2009, with the most reset volume coming in 2010-2011. A particularly onerous feature of these loans is that even if your first scheduled reset is five years, the loan can reset sooner once your negative amortization reaches a certain point.
The payment shock is expected to be much more severe for option ARMs than for subprime ARMs. You think a 10% … (6 comments)

option arm: Wachovia Reigns in Pick-A-Pay? - 04/12/08 08:24 AM

When I saw the television ad for Wachovia's Pick-a-Payment mortgage, my jaw hit the floor. I saw the commercial at least a month ago, but couldn't formulate a coherent blog entry until now - I was that irritated.In the midst of the fallout over shoddy lending practices, Wachovia chose to push THIS? For those who have never encountered a pick-a-pay loan, let me explain. The real name for this loan is an option ARM. Each month, the borrower gets four payment options: 1) Pay the fully amortizing principal and interest payment (basically as if you were paying on a 30 year … (4 comments)

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Tamara Heyward

Durham, NC

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