With all the fuss about sub-prime mortgages and foreclosures, few people take the trouble to mention that these problems are occurring BEFORE the loans reset to higher prices.
This awesome graph shows that the reset of low ARM rates to higher rates is going to be with us for a LONG time, especially over the next two years.
With banks suddenly skittish and tightening their lending standards (you know, asking for silly things like proof of income), one has to wonder how many of these folks will be able to a) pay their ARM or b) find a new mortgage.
Adjustable Rate Mortgage Reset Schedule
