Pay option mortgages Next Wave of Default

“The next wave (of foreclosures) is coming next year and in 2010, and that is primarily due to these pay-option ARMS and the five-year, adjustable-rate hybrid ARMS that are coming up for reset,” said William Longbrake, retired vice chairman of Washington Mutual. Read More Here.

This next wave will make the subprime mess look like child’s play

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