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As long as we're talking about those dumb people who get a big ARM they can't afford:
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I read about this one guy who was in his seventies and suffering with the early onset of dementia who'd been conned into signing up for a second mortage under these terms. His daughter found out about it months later when she examined his finances and found that the mortgage payments now exceeded his pension. Not all of them are dumb. Some of them are vulnerable.