07-22-2006, 07:47 PM | #1 |
Senior Member
Join Date: Jan 2006
Posts: 961
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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? |
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