The vast bulk of mortgage resets lie ahead of, not behind us.
This reset profile is of great concern, because the majority of resets are still ahead. Moreover, the mortgages to which these resets will apply are primarily those originated late in the housing bubble, at the highest prices, and therefore having the largest probable loss.
Option ARMs are just evil. You are given the option of paying a number of ways each month. Not surprisingly, most pay the minimum, and the interest keeps getting added on. But once the amount of the mortgage reaches a predetermined level, the mortgage payments reset at much higher levels and never go back down.