About them Adjustable Rate Mortages

My Dearest Moo Moo Cow,

Give this new article posted on CBS Marketwatch a GOOD read: 'Tsunami' of adjustable-rate mortgage resets coming. Scary, eh?

Here is what they are saying:

• More than $2.28 trillion worth of ARMs were originated in 2004, 2005 and 2006, at the peak of the recent housing boom, according to a study released this week by a unit of real estate data company First American.
  
  Some of these loans have already reset at higher interest rates, but a lot more have yet to reset.
  
  This year, almost $370 billion worth of first ARMs are resetting. More than $250 billion worth will reset in 2008 and 2009 and another $700 billion will do so in 2010 and beyond, the First American study estimates.