[turbo6bar]

You're right, Wayne. It is a ticking timebomb. Thing I don't like about these Alt-A producers is the high short interest. However, it is hard to believe these companies will manage to hold value while the worst of the housing bust is still ahead (Alt-A resets are hitting big in the next 12-36 months).

I have seen a lot of data cross my screen the past few weeks, but one tidbit that stuck out was Indymac's recent reports. Their quarterly origination volume was actually up YOY, but they remarked that if new lending guidelines (in effect now) would have been in place last quarter, volume would actually have been cut by 1/3. Wow!