The other day, a lady was crying on a radio talk-show, saying that she and her husband lost everything in Arizona, and had moved in with her parents. Her husband was having a very difficult time adjusting to being supported by his in-laws, so he avoided the situation by going out a lot with his friends. I almost wondered if they had a NOD, and could picture that many NODs will end up moving back home with their parents.
Realtors and loan officers tend to defend these loans, but I know realtors who hate them. That’s why these loans are called suicide loans, and the professionals who track these loans, are very concerned about how our country will handle $2 tril resetting by end 08.
