Option ARMs are why people expecting a bottom in 2008/2009 will be wrong
These option ARMs will be blowing up throughout 2010 and 2011 – see the Credit Suisse Option ARM reset chart if you are unclear on where the Option ARMs fall time-wise
New piece of data this week: 80% of the people holding these Option ARMs are making the minimum payment – that means they will be horribly upside-down when reset time arrives
