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Over 1/3 of Option ARMs are in default. And this data was as of April 2009. How much worse has it gotten since then?
Not even the banks know for sure since under revised FASB rules, they continue to be able to book projected income as full income . . . . rather than the tiny amounts that borrowers are sending in - not even enough to make the full interest payments as the original author points out.
As featured on:
http://themessthatgreenspanmade.blogspot.com/2009/07/
option-arms-worse-than-subprime.html
