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Tom Lindmark » Comments » Single Comment
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The author ignores two facts.
Sep 05 12:57 pm
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All Comments by Tom Lindmark »Mortgage Resets: COFI Numbers Improving [View article]
One, many ARMs have floors on the interest rate at reset, so the actual level of the index can be irrelevant.
Two, the concern is not with interest rate resets but with recasting payments for Option ARMs. Increased mortgage balances amortized over shorter time periods produces ugly results. Here's a link with the latest estimate of the effects blog.metro-real-estate...