What a joke. The government wants to bail people out of their own stupid financial mistakes. Let the banks handle this themselves, they know what is in their best interest. The good ones will pull through, and pick up new customers along the way. The bad ones won’t, and will lose customers to other companies. Believe it or not, banks really don’t want to have to go through a foreclosure. If it makes sense for both parties, they will let you refinance, or voluntarily extend the introductory rate.
It’s too bad I had the sense to go with a fixed rate, big government could have secured that ARM introductory rate for me. Whats next, credit card rate freezes? If I rack up huge debt with that 0% introductory APR are they going to bail me out of that? It wouldn’t surprise me at this rate.