Maybe he meant “an ARM isn’t an ARM isn’t an ARM” meaning not all ARMs are created equal? (so yes, a duck, or at least a 7-year ARM that might not be so deadly?)

Although to read it fully, it almost sounds like he thinks the numbers will be higher because of non-subprime borrowers that have taken on riskier ARMS as well. Good credit does not necessily equate to intelligent decision making (although you’d hope/assume there was at least some correlation).