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Bernard M -- Taipei English Tutor

Bernard M - English Conversation / TOEFL / IELTS 一對一英文會話

Wednesday, October 22, 2008

Brace yourself if you have a LIBOR-linked ARM by Sandra Block FROM USA Today

"LIBOR is the interest rate large banks charge each other for short-term unsecured loans. About half of adjustable-rate mortgages, and nearly all subprime mortgages, are pegged to the LIBOR, usually plus a margin of several percentage points. Last week, the six-month LIBOR was 4.13%, vs. 2.99% at the end of April, according to Bankrate.com. In the past few days, the index has been edging lower, falling to 3.83% on Monday, according to Bloomberg.com. Nevertheless, the LIBOR is still a full percentage point higher than it was in May."

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