Variable-rate mortgages mean foreclosures

Variable-rate mortgages mean foreclosures: "Foreclosures will rise over the next few years, experts agree. While each foreclosure is traumatic for the family that loses a house, the coming wave of defaults won't swamp the system.
The borrowers who are in the most danger have two strikes against them. First, they are (or will be) underwater -- owing more than the house is worth. Second, they have adjustable-rate mortgages, or ARMs, with low 'teaser rates.' Eventually, after anywhere from one month to five years, the ARM enters its rate-adjustment period and the loan is reset with a higher rate.
Quite a few homeowners have these two strikes against them, and almost $200 billion in foreclosures will result, says Christopher Cagan, director of research and analytics for First American Real Estate Solutions."
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