Yeah. Well, some people took a risk and got an ARM for whatever reason, and it didn't work out for them. Some of these people deserve to lose their house and some deserve help.
That's something I could write an essay on though, and if you want to get into that we can take it to PM or another thread.
But, I would like to say, that there is a time and place for an ARM, and they can be useful and helpful if they're using the right way by investors that know what they're doing.
But yeah, if you're buying a home that you plan on living in for a long time, obviously the best way to go would be to get into a conforming 30-year fixed (15...whatever). The problem was a lot of the subprime borrowers were given options of ARMs only. They either didn't qualify for 30 year loans, or they were quoted rates of 12-15%.
but yeah, I got your point.
Honestly this whole subprime thing I could talk about for years.