Quote:
Originally Posted by AFireInside
Not everyone is up for renewal next year, but a large number of people bought in 2006 and 2007 (the peak for sales), with a large number of these signing their mortgage for 5 years, they will be up for renewal starting next year through 2012.
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So you're saying that interest rates are going to shoot up that much? Where the hell are people getting the notion that rates are going to up to 10%? Christ almighty, if that happens, you'd better know how to grow your own food, stockpile the ammo, dig a well and get the solar panels ready, because Armageddon's coming.
Anyhow, people can just re-amortize for another 25 years if they have to.