” … they don’t have an ARM…they have a 30 year fixed”
ARMs were used by people at all levels of incomes and credit scores. A quote from Business Week:
” Stories like these can be found across the socioeconomic spectrum, says Allen J. Fishbein, director of Housing & Credit Policy for the Consumer Federation of America. In a May focus group, the CFA found that option ARM customers at all income levels said the loans were the only way they could afford their homes. While many recognized that their mortgages could increase, “they professed complete surprise that they could increase as much as they could,” says Fishbein. That lack of diligence will cost them over time”
23109VC, you didn’t know this ? Where have you been ? 🙂
