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Robin · 07-22-2006, 07:47 PM

In the NYT:

http://www.nytimes.com/2006/07/23/bu...xkP+M5/ZJfmmzg

Sure, this is a CA thing, but the swath of risky financing also cuts right through Mormon country.

In SLC, 58% (higher than in SanFran, Oakland and Los Angeles) of homeowners are refinancing with exotic adjustable-rate mortgages where the loan balance actually GROWS.

This housing madness can't last forever, and then what?

07-22-2006, 07:47 PM	#1
Robin Senior Member Join Date: Jan 2006 Posts: 961	Are Mormons betting the farm? In the NYT: http://www.nytimes.com/2006/07/23/bu...xkP+M5/ZJfmmzg Sure, this is a CA thing, but the swath of risky financing also cuts right through Mormon country. In SLC, 58% (higher than in SanFran, Oakland and Los Angeles) of homeowners are refinancing with exotic adjustable-rate mortgages where the loan balance actually GROWS. This housing madness can't last forever, and then what?