Some are smart, some are just delaying the judgment day. If they refi w/ another I/O ARM to extend it another 5 years and do a cash out at the same time to pay for the refi, would that be smart? Even the stupid will refi if they can to delay the judgment day.
I don’t remember if she say this or not, but didn’t she mean that the high % of default are from the ARM resetting? If they refi, then those ARM never reset, so those ARM shouldn’t count.
