Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Since the interest rates have been lowered, does an ARM adjust down?

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No. ARM rates aren't connected to the Fed discount rate. Most calculate upward based on a formula that never really goes down.

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What you need to keep an eye on is most likely LIBOR, SR. More likely than not that is how an ARM rate is determined. Of course you also have to know where your floor and ceiling are with respect to your rate as well. Those with ARMS should be getting notices as to when/how their ARMs are going to adjust - usually every six months if I'm not mistaken.

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