[quote=briansd1]bearishgurl, the reason I say that Greenspan was right, is because I have a buddy who went with adjustable in 1989 (he bought at the high back then but rode it out). He has not refinanced even once…. And all along he’s enjoyed the lowest rates because rates went down the whole time.[/quote]

Understand this, brian. I myself have used adjustable-rate mtgs since 1986 . . . continuously. If I could get another one on my next purchase with the same or very similar terms as the one I have now, I would do it again . . . in a heartbeat. But that’s probably not possible. The “FB” of late (who had a “subprime” version of the same mtg) has given them a bad name so they are likely no longer available to prime and alt-a borrowers who understand how to use them responsibly :={