foreclosure, variable rate loans,
sub-prime
Attorney Melchionne cited by Waterbury Republican-American on Foreclosures
Friday, Oct 16 2009 Filed in:
What's New
In response to
continually increasing foreclosures, The WAterbury
Republican-American newspaper called on Attorney Melchionne to
comment. Not surprised by the increase, Attorney Melchionne
explained that many variable rate mortgages have not yet had their
first rate resets which will result in "sticker shock" when
payments increase by 50% or more. When coupled with rising
unemployment, layoffs, and work cutbacks, foreclosures will
increase putting further pressure on falling real estate prices.
Read the story here.
