Monday, April 10, 2006

Teaser-rate mortgages to jolt poor with big bill

Millions of cheap, teaser-rate mortgages that people took out a few years ago, when interest rates were rock-bottom, are about to get much more expensive.

More than $1 trillion in mortgage debt costing only 4 percent or so - rates locked in three years ago - is about to soar in price to nearly 8 percent in some cases.  (Read More)

Source: Baltimore Sun

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