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Tim Pearson
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Old 07-09-2011, 03:57 AM
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Default Mortgages Banks Are Happy to Modify

NEW YORK (TheStreet) -- Three of the "big four" U.S. banks still have significant exposure to option-payment adjustable-rate mortgages-- or option-ARMs -- leftover from the subprime mortgage boom. But the prolonged low-rate environment has given borrowers a brief financial respite, and lenders are using opportunity to modify the mortgages and push homeowners into lower-risk financing. Option ...
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