http://www.washingtonpost.com/wp-dyn/content/article/2007/09/02/AR2007090200940.html
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A month from now, $50 billion worth of adjustable rate mortgages will "reset"
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Hundreds of thousands of people are about to be hit with 30 to 40 percent increases in their monthly payments. Since house prices are falling and October's resets are just the first of many, a long wave of foreclosures seems inevitable.
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To qualify for a new government-backed Federal Housing Administration loan under Mr. Bush's proposal, homeowners must have a history of on-time payments before their reset, a steady job and at least 3 percent equity in the house. They also must pay a risk-based mortgage insurance premium. The plan will help an additional 80,000 borrowers refinance into FHA loans in 2008, on top of 160,000 already expected to do so. These people probably should have been in the FHA program in the first place but may have been steered away from it by subprime lenders.
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