The ‘Pay Option ARM Implosion’…Subprime’s Big Brother

``The Wall St Journal just nailed Pay Option ARMs. Don’t ya love how the banks still categorize these as ‘Prime’. I have said for a long time now that ‘the Pay Option Implosion will make the Subprime Implosion look like a bad earnings report because they cut across all socio-economic boundaries’. Now the data are proving my point.''