I just found this amazing site, which still seems to be online: http://www.optionarmsdirect.com/
Perhaps this is old and these loans aren't actually available anymore. But just for fun, I wanted to compare the "minimum payment" option ARM (which according to Businessweek is paid by 80% of borrowers) to a 30 year fixed jumbo loan.
Option ARM/fixed payment = 35%
And in other news, California home prices have tripled in the last 8 years.
Subprime is really not the end of the story. Option ARM loans were made to borrowers with perfect credit, and they will default, too.