High-risk mortgages turning into toxic mess
Experts believe the biggest problems will emerge during next 16 months
SAN FRANCISCO – When Linda Martin refinanced the mortgages on three different houses nearly three years ago, she thought the lower monthly payments would help her save more money for retirement.
Instead, the Lakewood, Colo. skin-care specialist is sinking in financial quicksand amid a widening mortgage morass that’s pulling down home prices and threatening to drag the U.S. economy into a recession.
“I’m hanging on by a thread, not knowing whether I am going to be living in a car in six months,” said Martin, who declined to reveal her age.
Well, if you wind up living in your car, at least you can listen to Limbaugh!