Black Friday blues: US homeowners face uncertain times More - TopicsExpress

Black Friday blues: US homeowners face uncertain times More real estate troubles are brewing in America. The banksters dangled low 3.25 teaser interest only interest rates to entice the foolish to take out 2nd mortgages or refinance existing mortgages to fund their orgies of spending. Now these fixed rates will end, rates will soar and principal payments will kick in. There will be another very significant wave of defaults as folks just walk away because, well, the rents just too damn high! More than $221 billion of mortgages are set for a rate increase over the next four years, which represents around 40 percent of the total. Amy Crews Cutts, the chief economist at consumer credit agency Equifax, warned mortgage bankers at a conference last month that an increase on homeowners monthly payments is an imminent wave of disaster.

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