[VRM]

I see another potential issue to all of this - people who have credit cards with limits of more than their annual salary who have run them up and now have less money to pay for them because of their ARM. They miss a payment or two, and their credit card rates go up to 15, 18, 21% or more. There is no more cheap money to borrow to knock these things down, and bankruptcy laws have changed to make it more difficult to be able to walk away from this sort of thing.
Some people have financially screwed themselves for the rest of their lives for the sake of a plasma TV. Unfortunately, we know what is going to happen when they hit retirement age and have nothing but SS. I hate the concept of SS, but knowing human nature I think that the alternative is a lot worse.

Steve