Business Week reports:
"...the next wave of foreclosures will begin accelerating in April, 2009. What that means is that hundreds of thousands of borrowers who took out so-called option adjustable-rate mortgages (ARMs) will begin to see their monthly payments skyrocket as they reset. About a million borrowers have option ARMs, but only a fraction have already fallen due."
Congress is now sweating over $700b, but when April roles around, we'll find out that banks are sitting on top of even
more sh*tty paper, and we'll be asked to bail that crap out, too. Obama and McCain should be planning for this now, but all indications, from both of them, suggest they aren't.
