The following is a discussion - easily understandable - of Adjustable Rate Mortgages - not mentioned here is how people used other sources of funds (credit cards, for example) to line up their downpayments, etc. So the expansion of "the kick-in of new higher rates" affects the marginal monthly payer - and their inability to perform.
http://www.federalreserve.gov/pubs/arms/arms_english.htm
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