Product Liability and ARM

Adjustable Rate Mortgages are the worst financial product ever devised. They are a defective product in that they target those most at risk with the most illogical loan ever conceived. The genius who created these monsters ought to get a public flogging, followed by 60 lashes, before sentencing to life in prison. Is it possible that anyone thought that they could issue millions of mortgages that would start at X per month, then rise to X + Y per month. A mortgage is supposed to be a fixed expense. The whole, sole and only reason for the mortgage meltdown boils down to one thing - ARM.