A further devaluing of the dollar could change the picture quite a bit. Let’s say it declines another 20% relative to the more stable currencies, interest rates increase accordingly to keep the chinese and japanese money coming in, which of course causes inflation to go up as well. Salaries then of course become inflated as they try to keep pace and those “higher” mortgage payments after reset are more managable since they are denominated in pre-devaluation dollars. My guess is this is the government/fed plan to get us out of this problem. They already devalued the dollar by almost half in the last seven years to make us think things were still okay, they’ll keep on doing it as long as they can get away with it.