I am really hoping that America (and the rest of the world for that matter) will really learn that adjustable rate mortgages are dangerous for many homeowners. I had thought that was common wisdom that getting an ARM was not the best idea if avoidable, but it seems there are many people today who are suffering because they did not follow this wisdom. Sure there are other factors too, including declining housing markets and such, but if any good is going to come of this situation, it should be a giant learning experience for the masses. I haven’t really seen much in the way of stories focused on this, and perhaps my hopes will fall short, but we’ll see.

It would be nice to have a broad paradigm shift in the common sense in this country (on this issue and many others of course).