It's very disconcerting that so many fell for the ARMs without understanding if they could handle the rate increases, I was not one of them and neither was my younger brother, we each bought a house at @ 6% fixed (585/month, 550/month respectively) when everybody was telling us to go for the ARMs. Common sense told us not to, or should i say our skeptitism did. But my cousin, which is more like a brother to me, is a totally different story whom is now living with his in-laws with his wife and three children

after taking a 5% ARM and it went to i think 11%. He knows it was a bad decision now and even admits he had serious reservations before, but accepts his irresponsibilty and isn't looking for a 'bail out'.