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Loan Modification

: Mortgage Lender Implode-o-Meter

Payment Shock Concerns Grow as Billions in Interest Only Loans Face Recast Date

By Implode-Explode Heavy Industries

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`` Fitch Ratings warned today that billions of prime and Alt-A mortgages that were written as interest-only (IO) loans are due to recast over the next two years. $47 billion of these loans convert to fully amortizing loans in the next 12 months and a total of $80 billion in Prime and Alt-A loans and another $50 billion Subprime loans will recast by the end of 2011. These conversions will result in substantially higher monthly payments.''

Full post as published by Mortgage Lender Implode-o-Meter on January 14, 2010 (boomark / email).

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