Folks with adjustable rate mortgages are about to be hammered, according to Fed Chairman Ben Bernanke. This year about 1.5 million loans, more than 40 percent of the outstanding stock of subprime adjustable rate mortgages, are scheduled to go up. The Fed estimates that the interest rate on a typical subprime ARM will go from roughly 8 percent to 9.25, raising the average monthly payment to $1,500.

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