Pay Option ARMs Imploding…Right on Schedule

``Downey Savings can be used as a Pay Option ARM proxy and this was just released.... In their press releaseof “Thirteen Month Selected Financial Data” today, Downey Financial Corp. reports total non-performing assets (NPA’s) have hit a new high of 14.3%. The percentage has been steadily increasing every month, most sharply since November of 2007 when it began jumping up by as much 2% each month.''