Banks trying to shift blame

The Banking industry is trying to shift blame for the foreclosure crisis.  This is amazing.  Banks need to be honest about the current foreclosure meltdown.

Any rational person in the real estate and mortgage industry knows that Adjustable Rate Mortgages (ARMS) and Stated Income were the major contributing factors in the current foreclosure crisis.

Now, the banking industry is trying to publish doctored reports to suggest that somehow negative equity is the culprit.  This snow job is outrageous. 

The following is another lousy attempt by a paid banking advocate to take the heat off the banking industry.  Shame on this writer and shame on the banking industry.

What about upward resets in mortgage interest rates? I found that interest rate resets did not measurably increase foreclosures until the reset was greater than four percentage points. Only 8% of foreclosures had an interest rate increase of that much. Thus the overall impact of upward interest rate resets is much smaller than the impact from equity.