Right....I was warned against the dangers of an ARM when I purchased a house back in the 80's. I have refinanced 4 times since then and still have an ARM and at better rates than before. Maybe next year I will get worried.
Me too. I still have my ARM from the 80's and I've never had a rate above 7%. Its based on the SF Reserve Board rate. I'm at 4.25% now. But I don't think they can just unilaterally cancel or convert those in place. I think it would mean no new ones.