Where Did ARM's Come From?

Where Did ARM's Come From? Where did Adjustable Rate Mortgages Come From? I remember the first time I heard of this concept I thought it was really crazy. My reaction came mostly from the nightmare I had in trying to pay back student loans while going through a costly divorce. Nothing teaches like real suffering!

When someone explained ARM's to me I said, "That's the craziest thing I ever heard!" I promptly discouraged anyone from obtaining one with mixed success. Some people were just too desperate to buy a home to listen to me. Luckily, no one that I know of has lost their home or is in bankruptcy or has committed suicide yet because of getting an ARM and losing their home. However, I do know people who own mortgage companies who are pretty unhappy right now and probably will be for the next few years.

I have noticed that the main people with ARM's tend to be the people who know the least or the most about finances. The people who know the least about finances are the first to lose their houses and the second people to lose their houses with ARM's are the loan officers who thought their credit would be enough to get them into a fixed rate loan at some point. Nope! Not anymore. So literally everyone who got an ARM both the informed and the uninformed are in trouble. I would say less than 10% of people with ARM's are in a safe position now.

I also believe that all ARM's will be illegal throughout the free world within 10 years because of all the harm they are doing and will do to western civilization.

This brings me to my next question. What idiot or group of Greedy idiots thought up this crazy idea of creating an ARM in the first place? Any logical person with half a brain would know right off that this was at best an extremely risky idea. I think the people that came up with the idea and wrote these loans should be in jail right now just for all the damage they have already done to people's lives. They put arsons in jail why not the people that designed these dastardly things? This is now much worse than any fire anyone has ever started and is beginning to look more like a slow motion nuclear explosion worldwide!