Funny that is in line with my long held belief that NCC would bottom around 2012 because the loan of choice around here between 2004 and 2007 was the 5/1 ARM not the Option Arm. With rates as low as they have been many of thosde have been refi’d away or the adjustment has resulted in a lower payment. If rates jumped above about 7.5% in the next couple years that could cause some pain around around here and knock a few more apples off the cart.
