07-21-2008 09:50 PM #181
People in different markets did different things. In areas where the Real Estate market was booming, speculators were probably the worst abusers of the ARMs.
But here in Texas where the market was more level people were being talked into the things both for first-time home purchases and as refinancing options on established mortgages.
At the height of the "ARM frenzy" I had literally a dozen or more offers a week in my mailbox from lenders trying to convince me to drop my 5.25% fixed rate mortgage for some crazy ARM teaser rate.
Needless to say I gave their offers the respect and consideration they deserved all the way from my mailbox to the paper shredder.
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