``From what I can gather from these three banks it looks like $168.6 billion in option ARMs remain. If half of this is in California, that is a large amount. And keep in mind you have other option ARM lenders like Downey Savings and First Fed that are no longer here, but their loans remain. That data is buried deep in FDIC reports and hard to gather. So it is obvious that the option ARM loans are still out there and we see this through individual foreclosure filings... Wells Fargo late last year announced that it was planning on converting option ARMs to interest only loans which is another variety of toxic mortgage. The bank as of last year had modified some 43,000 Pick-A-Pay loans into this new interest only conversion. ''

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