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09/08/07
Subprime-mortgage shockwaves spread
Filed under: General, Real Estate, Mortgages
Posted by: Lillian Wong @ 2:54 pm

WASHINGTON - A record number of homeowners got an unpleasant notice in their mailboxes this spring that their mortgages were being foreclosed. The grim prospect is that thousands more of those notices will crop up in mailboxes in coming months as the steepest slump in housing in 16 years contributes to a widening mortgage crisis. More than 2 million families are facing the prospect of seeing their adjustable mortgage payments rise sharply over the next two years, possibly to levels that many will be unable to pay.  More…

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