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ERATE employee warned families about Toxic Mortgages years before the mortgage meltdown. Bloomberg/Businessweek

June 9, 2005 - Keith M. Schemm, a mortgage broker in Santa Clara, CA, says option ARMS are "pretty dangerous loans to do" for many families. "The problem is there's such a frenzy in the marketplace to buy a home."

Too bad Fed Chairman, Alan Greenspan didn't sound the alarm about such mortgages. He should have consulted with Keith.

Last weeks' surprise results lead to some unusual triggers for the financial markets. Except for a brief after-hours plunge in Index futures trading that was fully reversed within 90 minutes after the post-election market open the Stock Market has signaled all clear and traded to new all-time highs.

Bond Markets have not been so sanguine and have been continuing to price in Federal Reserve rate hikes and eventual normalization of interest rates starting in December. Consequently, if you have been watching Mortgage Rates closely over the past few months you will have seen rates have increased by as much as a quarter of a percentage point in a short time. Ugh!!!

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Refinancing

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Guidelines to mortgage refinancing

When searching for a home loan it is advised to first determine the financial objectives you require of a home loan. Consider the following: ....

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