### Comment:
ARM loans are pretty rare these days. If we go into recession and people lose their jobs, that will be the trigger for defaults. i dont think we see the same situation as 2008 in the housing market though.

### REPLY:
I’ve been hearing a lot of lenders slinging ARMs the last 6 months. My bet is the next crash comes from Commercial Real Estate Bespoke Tranche Obligations since multifamily housing starts have significantly outpaced single family starts since 2008.

### END.