Fitch: Alt-A Mortgages Deteriorating More Rapidly than Expected

Housing Wire ^ | 12/15/08 | PAUL JACKSON

[KarlInOhio]

That ain’t the half of it. 2004 was a big year for 5 year ARMs and they adjust in 2009.

If they're lucky their loans use a low Treasury rate or a prime rate as the base for the loan rate. If they're not so lucky they have a much higher LIBOR based rate.

[BamaBlue]

Have you seen the rates lately...I can get a 30 year fixed at 4.625% and a 15 year fixed at 4.50%...unbelievable...no points on either one...

I’m seriously considering refinancing my current 15 year fixed at 5.325% for the 30 year rate...save over $1,200 per month. No problem paying my current mortgage but it looks like opportunity to me.

Like you I’ve got about 12 years left but I believe I would be paying back that 30 year note in seriously inflation reduced dollars.

Am I crazy?

[B4Ranch]

I like the idea but can’t imagine that it would be approved. There is too much suction at the intakes for a rear mounted jet engine to be operable on floats, IMO.

[JDoutrider]

What level is below investment grade? Wall paper?

FIIK!

Maybe ZZTop rolling paper?

It's going to be a Long, Hot, Summer for sure!