I have a dumb question, but how acurate is the reset chart we always refer to? March 08 seems to be the biggest month for resets, so in theory shorts, defaults and prefoclosures in June/July should be jumping. But how many of these March resets are already paid off? If a morgage was orginated in March of 2005 for a reset in March of 2008, but was paid out when the house was sold in Feb 2007 (assuming it was paid in full) is the reset still counted?
I guess what I am wondering is what the refinancing binges of early 08 will do to the resets. Is the reset still counted in all those charts and graphs we use to justify our position, even though the morgage is paid and no reset will ever be seen?
