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August 9, 2006 at 9:19 AM #31393
bmarum
Participant

The loan on the first mortgage for the Bel Air Terrace property was an adjustable rate loan. I couldn’t find out any more detail on it, i.e. whether it was a 3, 5, 7 or 10 year ARM or whether it was an I/O, etc. I would assume the second mortgage they took out was also an adjustable rate loan, but the database I searched doesn’t say.