As of January 2008, the most recent month for which data are available, about 24 percent of subprime adjustable-rate mortgages (ARMs) were 90 or more days delinquent, twice the level one year earlier.3 Roughly 190,000 foreclosures were started on these mortgages in the fourth quarter, up 11 percent from the previous quarter.4 The cost of foreclosures is high for lenders, investors, communities and