Didn't people know what they were signing for when they signed up for variable rate mortgages?

Question by pikachuflatulates: Didn't people know what they were signing for when they signed up for variable rate mortgages?
With pretty bad credit, 4 years ago I was still able to get a fixed rate mortgage between 5 and 6 percent. Common sense told me to not get something where my payments could change, because I like to budget my money.

Now all these people who didn't think ahead did some damage to our economy when they could not meet their obligations.

They want to blame it on the

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