[Freedom_Is_Not_Free]

Good reminder of wave II. We will see if it holds up, because I know that a LOT of these ARMS have been re-financed to 30 year fixed mortgages with today’s low rates.

I think we will have a Foreclosure Wave II, but knowing that many of these ARMs have already been re-financed to fixed, I won’t be absolutely shocked if wave II proves to be mild rather than violent.

[IllumiNaughtyByNature]

I would disagree with your assesment that A LOT have been refinanced due to the stricter guidelines on income and the overall appraised values of the houses. There are A LOT more that are still plugging along that are still ARMS.

start here

and here

here too

this too

These are a good start. The key take away was from the 2nd article that said 94% were making minimum payments. BOOM!