We knew that CDSes were toxic, and until October 21st, we won´t know who will go to the wall because of them (if anyone). However, Alt-A mortgages (where you don´t pay off all the interest each month for a few years) are ready to blow in 2010. I wonder how many there are like this in the UK, but if 20% of US mortgage lending is Alt-A, 2010 is going to be very, very nasty for house prices. And then the "real" economy as well.
