Adjustable rate noose
Thursday, December 11th, 2003
The uptake of adjustable rate mortgages (ARMs) has doubled in the last year, now accounting for one home mortgage in three, reports CNN. When rates head higher, which is inevitable with $600 billion yearly government debt sales looming, these folks are going to get squeezed out of their homes. The bankers who push ARMs on people should be ashamed.