Leonhardt: "[A]ll the carnage in the mortgage market thus far has come even before the bulk of mortgages have  reset."

"The peak month for the resetting of mortgages will come this October...when more than $50 billion in mortgages will switch to a new rate for the first time. The level will remain above $30 billion a month through September 2008. In all, the interest rates on about $1 trillion worth of mortgages, or 12 percent of the nation’s total, will reset for the first time this year or next. A couple of years ago, by comparison, only a marginal amount of mortgage debt — a few billion dollars — was resetting each month."