26 April 2007 - Madison, Wisconsin
There is no shortage of press about the subprime market and the less savory products known as "option" ARMS and pick-a-payment loans. Many people felt they were duped or misled. Frankly, I had a hard time believing some of these people were victims - did they really believe that while the rest of America was paying 6 and 7 percent for their mortgages that they'd get a long term rate at 1.95%?!? It was tough for me to swallow and I even said so over the air on our weekly show more than once.
Then Bill and I came across this article in the online version of the Washington Post. As the couple was from Wisconsin, we wanted to interview them. They agreed. Here's a summary we later attached to the show/podcast:
http://www.washingtonpost.com/wp-dyn/content/article/2007/02/05/AR2007020501415_pf.html
This mortgage-gone-bad story is getting attention across the US as it applies to borrowers everywhere. According to an article in the Washington Post, Susan and Kevin Andrews of Cedarburg, Wisconsin refinanced their home in 2004 into what was explained - and reportedly documented - to be a 1.95% interest rate that was to be fixed for five years. It was not. The Andrews family decided to fight and eventually took the lender - Chevy Chase Bank - to court and WON, setting the table for a class action lawsuit by thousands of borrowers in the same boat. This is their story - and their caution - to the listeners of Your Home-Your Money as related in this intriguing live interview.
http://www.talkshoe.com/talkshoe/web/audioPop.jsp?episodeId=14889
No comments:
Post a Comment