map of OPTION ARMS from 2006 (not foreclosures)

[slim_jim]

Has anybody else seen this already?

http://images.businessweek.com/gen/map_of_misery.jpg

 

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[Runum]

Re: map of U.S. forclosures

Hadn't seen that Slim. I can see that it came from businessweek. What was the date of this data?

 

[slim_jim]

Re: map of U.S. forclosures

I am not sure. A friend forwarded it to me. I am checking though, and will let you know.

 

[Russ H]

Re: map of U.S. forclosures

I changed the thread title.

You've been hoodwinked.

This is a map of refis into OPTION ARMS that was occurring in 2006.

The article appeared in Newsweek back in 2006.

Here's a blog about it, posted Sept 3, 2006:

http://www.biggerpockets.com/renews...tgages-the-map-of-misery-and-option-arm-hell/

Interesting, but not foreclosures.

-Russ H.

 

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[slim_jim]

Thanks for the correction. I hadn't found any additional info about it yet or heard back from my friend who forwarded it to me.

 

[jimculler]

Option Arms alone wont cause misery. Taking the neg-am option every month in a depreciating market will though.

The problem will be when these people have a 5 year recast and there is no equity left to refinance with. Then they will be foreclosures.