Just FYI, 

The Federal Government, together with six of the largest lenders nationally, proposed on February 11, 2008 a new initiative to help distressed home owners to avoid foreclosure in certain circumstances. Please check the plan outline at http://www.hopenow.com/. Furthermore Congress approved an economic stimulus package designed to prevent a full blown housing market meltdown.

It needs to be seen if these plans are enough to staff off the worst expected to come when over 2 million ARM mortgages will reset throughout the next couple of years.