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33% ARM Holders Will Lose Their Homes, According to This Analyst
Christopher Cagan, of First American CoreLogic, says that’s how many ARM mortgage holders who had initial teaser rates of less than 4% will face foreclosure - 1 in 3. Subprime borrowers might actually, for once, be more fortunate - their risk is 1 in 8.
Cagan warns that this is only the result of reset, and doesn’t take into consideration factors such as job loss, medical catastrophe or other events.
For more information, read this recap at MSN Real Estate.
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