[coliveira]

This is certainly bad, but if it will lead to a crisis like 2008 in the USA, depends on a number of factors. First, there was a lot of leverage and fraud in the US case. Then, there was lack of financial support for families that had no option other than default on their mortgages. The US government didn't anticipate the issues caused by ARMs and only dealt with the problem when it was already clear the total collapse of the mortgage industry.

[chrisco255]

Did they even really do anything with ARMs? I thought they were just flushed out with all the foreclosures that happened after '08. And then they just fell out of favor.