I've long been warning against people taking out ARMs. Every time I have there have been people who had gotten them and were happy. And of course there were. The point was never that ARMs were never ever a good deal for people, the point was that there was considerable risk that they would end up being an extraordinarily bad deal. Most people reasoned that either they weren't planning to stay much or any beyond that initial locked in rate, or that as long as home prices were continuing to rise they'd be able to refinance fairly easily.
That probably worked out for lots of people. But not so much anymore.
