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Of course news releases to convince people to consider ARMs as a better deal are part of the game. But I doubt anyone with the smarts to get a decent credit score will buy into that sales pitch.

That's not AT ALL what the press release said. Let me help you with your reading comprehension skills--or lack thereof. From the release:

The concern I have is the effect of a mortgage market absent the 30 year fixed rate on a forward looking basis where almost absolute certainty calls for interest rate increases. [...] I'm saying that I don't think anyone can forecast how important the fixed rate mortgage will be in the years ahead as rates move in the opposite direction from where they came and perhaps expose our nation's housing market and millions of Americans to a very serious set of challenges that could have their own systemic impacts. Getting this right, in a balanced way, will be critically important as we move forward.
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