Pay-Option Loans - Big Trouble with Small Payments

Today, CNN had an article regarding pay-option arm loans and the risk they are presenting to Countrywide. The article had some very telling statistics that should forewarn many that we are not out of the woods yet regarding this housing downturn. Here are some quotes and personal observations… "81 percent of the loans were made out to borrowers who provided little or no documentation on their income" This is scary especially since majority of the loans where 100% financing. There is only on