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Mortgage Delinquencies Continue to Climb, Watch Out for Other Loans

[they were sold to consumers who did not understand them by Loan Officers who did not understand them coupled with lenders who allowed people to be qualified by the start rate not the fully indexed rate.]

While it may be true that borrowers did not understand them, they really didn't take the time to do so, nor did they ask many questions beyond, "What's my monthly payment going to be?"

Even without understanding the terms, nearly all borrowers knew that they were going to have to refinance before these things exploded.

Many were also told that they would have to do some clean-up on their credit in the meantime... but how many did?