From Fox News:
The more serious threats to the economy and life as we know it, though, will come from the undead who will still roam the streets well after this year’s Halloween candy has been eaten. They will be those folks who overextended themselves to buy a handsome Gothic mansion in a friendly subdivision. And they will have one thing on their minds – needing more cash to make their monthly mortgage payments, particularly after their adjustable-rate mortgages are re-set. One estimate suggests that 2007 will be the Year of the Vampire, as $1 trillion-worth of ARMs (or 12 percent of all U.S. mortgage debt) will be readjusted upward, increasing monthly payments and adding to homeowners’ burdens. The mortgage companies will want more blood from their mortgagees, yet these homeowners have already been bled white: where will they find the cash to make the payments?
As prices of both new and existing homes fall in many parts of the nation, more ordinary people will become unwilling footsoldiers in the vampire empire, because they won’t be able to refinance their homes. Or, to use the vampire vernacular: They won’t be able to get any more blood from their houses, which will be cold relics of themselves.
Those who own their own homes or who can handle the mortgage or the rent payment may need to start carrying garlic and wearing crosses. Suppose your favorite sister calls to say that she and her husband need some help making ends meet with the mortgage. How will you respond – send the money each month or offer room in your own home? Suppose your friends receive an unwelcome letter coldly stating that their new monthly payment has just increased 50 percent. Will they lose all color from their faces? Will they suddenly feel a strong need for cash – or what Lugosi used to call ‘blahd’ in his thick accent? And — again — where can they find the cash?