Why Option ARMs were so common in regular consumer borrowing is beyond me, but Wachovia is the latest lender to see the light. Beleaguered consumer bank Wachovia Corp. said Monday it will quit offering a mortgage payment option that allows borrowers to pay less each month than the bank charges in interest. Option ARMs are dangerous because [...]
Archive for July 1st, 2008
Wachovia to Discontinue Option ARM
Posted in Mortgages, tagged Option ARM, Wachovia on July 1, 2008 | Leave a Comment »
Fiddling While Rome Burns (With No Clothes)
Posted in Foreclosures, government, tagged Foreclosures, Senate on July 1, 2008 | Leave a Comment »
When I agree with the NY Times Editorial, it is noteworthy. But for the senate to go on vacation with no comprehensive policy on addressing the mortgage and foreclosure crisis is reprehensible. By the time the Senate returns next Monday from its July 4 recess, some 55,000 more homes will have entered foreclosure. And that’s [...]
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J. Philip Faranda Broker-Owner (914) 723-8900
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