Resets on exotic mortgages are still a major threat

It would be nice if the bad mortgages that set off the financial crisis were all cleaned up. Granted, you don't hear as much these days about subprime mortgages. But regrettably that does not mean that the mortgage problem is over. In fact, there are hundreds of billions worth of other kinds of mortgages that could and likely will still hurt investors and homeowners.

Do you own stock in Bank of America (BAC), J.P. Morgan Chase (JPM) or Wells Fargo (WFC)? If so, your investment may be vulnerable to something called an option Adjustable Rate Mortgage (ARM) -- $134 billion of these financial time bombs -- which let borrowers pick their monthly payment -- will see those payments reset to $1,053 -- up 63 percent by 2011, according to The Washington Post. Why have none of the builders of these financial stealth bombs paid the price?