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What is it about October? Black Monday was Oct. 14, 1987. Black Thursday was Oct. 24, 1929. This will go down as Red October, with the precipitous stock market drop this month.This was foreseeable.Look at the options homebuyers had: Adjustable rate mortgages, balloon mortgages, 80 percent first mortgages and 20 percent second mortgages, 3-2-1 buy-downs, no-document loans, 100 percent refinance mortgages, 125-140 percent refinances, and now we are seeing more reverse mortgages. Interest rates of 10 percent to 28 percent on credit cards are not helping.We need to curtail high-interest credit card rates and high-risk loans. We need to readjust the mortgages to their introductory rates. The good news is that we can recover within five years. But hold on. It is going to be a wild ride.Jon Barsanti Jr.Hillsborough
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