Originally Posted by Ltlabner
All the folks who bit on the "no intrest loan" craze several years ago will take it in the shorts when their principal payments kick in along with the tease interest rate going away. All the folks who planned on flipping their mini-mansons will be up the proverbial estuary without a feasable means of propultion when they can neither sell in a buyers market nor afford the now trippled monthly payments.
I heard a stat that an astronomical number of intrest-only loans will have the principal payments kick in durring 2007. Significantly more so than in previous years.
Lots of foreclosures are on the horizon this year.