Don’t you think a lot of those folks who took out ARMS are already anticipating rate adjustments and taking actions to deal with those changes?

I don’t think the majority of people with ARMs have done anything to prepare. Most of them haven’t seen an increase yet, but it’s coming in the next year or two. Add to that, the fact that the media has been slow to the bubble and I can guarantee that a vast majority of ARM owners are oblivious to their future financial obligations as well as the state of the housing market.