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WHAT HAPPENS WHEN MY OPTION MORTGAGE RESETS?

Series: FACING THE MORTGAGE CRISIS AT GROUND ZERO
From: Anthea Raymond
Length: 00:03:56

Foreclosures continue, but what came to be known as the "sub-prime mortgage crisis" is largely over. Still most expect another wave of mortgage trouble to come a rippling this fall. That's when the so-called Option Adjustable Rate Mortgages start to reset. Anthea Raymond talks to one Inland Empire resident who's already pretty worried. Read the full description.
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WHAT HAPPENS WHEN MY OPTION MORTGAGE RESETS?
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Anthea Raymond

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Al Rosales is tanned and wears dreadlocks like his teenage son. He's a truck driver now, but he used to drive a bus. Rosales grew up in Norwalk, California, a suburb built south of downtown Los Angeles just after World War Two where his parents bought their first home.  Rosales dreamed of that too, and moved to the Inland Empire about fifteen years go after he realized he'd NEVER own a home if he stayed in Los Angeles County.


Finally in 2001 Rosales and his schoolteachers wife bought a fifty-year-old 3-bedroom ranch house near his parents and sister in Highland. They paid 107 thousand dollars and put ten percent down.

WHAT HAPPENS WHEN MY OPTION MORTGAGE RESETS? | 00:03:56

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Piece Description

Al Rosales is tanned and wears dreadlocks like his teenage son. He's a truck driver now, but he used to drive a bus. Rosales grew up in Norwalk, California, a suburb built south of downtown Los Angeles just after World War Two where his parents bought their first home.  Rosales dreamed of that too, and moved to the Inland Empire about fifteen years go after he realized he'd NEVER own a home if he stayed in Los Angeles County.


Finally in 2001 Rosales and his schoolteachers wife bought a fifty-year-old 3-bedroom ranch house near his parents and sister in Highland. They paid 107 thousand dollars and put ten percent down.

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