Your dad's financial education is what is/was sad, unfortunately. He obviously jumped in feet first without first educating himself on the adjustments of the ARM, the details of said adjustments, how to invest during the time of the "introductory interest rate" so that when the rate adjusted he would be prepared to cover the increased monthly expense(s). Etc, etc, etc.

ARM's were a great program, for SAVVY people. Unfortunately, Mortgage Broker's got PAID - a shit ton - on the back end (yield spread) by the Banks for selling the ARM program docs to retail customers - therefore the Mortgage Broker's simply told buyer's the "good" and buyer's ate it up, and now the entire economy is experiencing the "bad" and everyone is blaming someone else.

USA and it's citizens needs to quit pointing fingers and accept responsibility for their own actions, own decisions, and own investment choices, mistakes, etc.