Wealthy may be next in line in U.S. home crisis | Reuters: "'The next wave of problems will come from prime borrowers who bought too much house or borrowed too much against it,' said Michael van Zalingen, director of home ownership services at Neighborhood Housing Services of Chicago. A 'prime' borrower is one with good credit. Real estate agents warn that some high-income borrowers have already been forced to sell or leave their homes and more will follow. Especially those who used their homes as ATMs, withdrawing cash via home equity loans."
The good news just keeps rolling in from the housing market. I guess this is the risk you take when your ATM is also an ARM.
Tuesday, January 15, 2008
Court revives lease-to-fee efforts of 36 condo owners - The Honolulu Advertiser: "A federal appellate court yesterday reinstated a lawsuit that may allow 36 current or former owner-occupants in Waikiki's Discovery Bay condominium to buy the fee in their leasehold units or collect damages from the city."