Is Your ARM Resetting?

That's the $25,000 question as we roll in to 2008, and the highlight of today's Wall Street Journal report on the ramifications of adjusting adjustable rate mortgages on the housing market. The stunning figure is the total number of mortgages resetting each and every month. The White House pegs the number at over 150,000. That breaks down to: 5,000 loans resetting every day 208.3 loans resetting every hour 3.5 loans resetting every minute This torrid pace is only expected to continue through the first half of 2008, with devastating consequences to the housing market. Banc of America Securities, a unit of [Bank of America], estimates that $85 billion in subprime mortgages are resetting during the current quarter, and the same amount will reset in the first quarter of 2008. That will r