Sorry, no sympathy here for anybody who took out an ARM or any other fancy trick mortgage in a market where standard mortgages with historically low fixed rates are available. I simply cannot understand why anybody who wants a mortgage would not take advantage of fixed rates in the 5% to 7% range. It's ludicrous.
On the other hand, people who get this stuff pitched to them may have little financial knowledge. In my opinion, the people who take out these loans are less culpable than the bankers who provide the loans.