I disagree, as a mortgage underwriter, most of those loans recasting from 5 years ago are going to become the index plus margin. If the loan is interest only for 10 of the years they will see a similar or lower monthly payment, if not they will see a slight increase in monthly payment due to the fact the indices are at a 5 year low. It may work out to be an advantage to many borrowers as they will finally start paying prinicpal instead of interest. Most loans were 5/1 interest only in 2003. If they were neg ams, that is a different story.