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Have we seen worse of mortgage crisis? (AP)

November 24th, 2007 by

A home is advertised for sale at a foreclosure auction in Pasadena, Calif. in this Aug. 14, 2007 file photo. Some 2 million homeowners hold $600 billion of subprime adjustable-rate mortgage loans, known as ARMs, that are due to reset at higher amounts during a next eight months. While not all ase mortgages are in trouble, homeowners who default or fall behind on payments could cause an economic shock of a type never seen before. (Credit Repair Photo/Reed Saxon, file)Credit Repair - When Domenico Colombo saw that his monthly mortgage payment was about to balloon by 30 percent, he had a clear picture of how bad it could get.

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