NCTimes.com - "ARMed and dangerous -- Many borrowers are feeling squeezed and trapped into adjustable-rate mortgages" (2-3-07)

"In San Diego County, borrowers took out 173,033 adjustable-rate loans worth more than $75 billion to buy or refinance their homes between 2004 and mid-2006, according to Christopher Cagan, director of research and analytics for First American Real Estate. Cagan's research has led him to paint a dire picture. Of the above loans, he said, 66,726 are at a risk of resetting to a monthly mortgage payment that the borrower can't afford. And almost half, or 30,209 loans, are at risk of default and foreclosure, costing lenders more than $5 billion."