A friend of mine is two years into a 7/1 ARM that started at 5.5% for the first 7 years, then jumps to 7.5% after that and adjusts annually until the cap of 11.5% is reached. His aged parents had to co-sign.

It’s pains me to see how broken housing is. The conversation I had with him is too recent for me to have fully unpack the psychological implications of an ARM on a man who already feels stretched thin, but the implications and extrapolations are deep.

How can we look our children in the eyes and continue these lending practices. It’s so wicked and cruel, it breaks my heart.