RealEstateJournal | Top Cities Where Mortgage Rates Will Hit Consumers the Hardest

I read a story last week about how there are some towns in the mid-west where forclosures are going up EXPONENTIALLY, to the tune of 100% a month, because of interest rate increases.

My question is: Who are the mortgage brokers/bankers who pushed these ARM loans on people that couldn't afford even small increases? Sure, rates have gone up, but not astronomically! There must be a pattern that can be identified to see what companies and/or individuals pushed these products on people who couldn't afford them. That being said, I'm all for personal responsibility and believe that once you sign it, you've bought it...but selling a suicide mortgage has got to carry some responsibility too. md
RealEstateJournal | Top Cities Where Mortgage Rates Will Hit Consumers the Hardest