8-23-2007 @ 4:15PM
T. Scott Ryley (Mr. Norm) said...A lot of fear is driving the mortgage market. A tremendous amount of adjustible rate mortgages are coming due in 2007 and 2008 with a market in decline. Many of these sub-prime loans have been performing. So why the fear?
Many borrowers are already overextended due to credit cards, auto loans, etc.. Property taxes in most parts of the country are equal to small 2nd mortgages. Increased insurance premiums have tripled in 4 years. Add in increased mortgage expenses and you have chaos.
comments welcomed,
T. Scott Ryley
Ryleymortgage@aol.com
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