[TampaFla]

Some of those "loans in trouble" for next year include mortgages that allowed the borrower to pay "any amount" monthly...no set payment minimum....if the monthly payment did not even cover the interest due, the difference was added to the prinicple owed. Borrowers took these in the belief that the rapid appreciation on their homes would allow them to sell and still reap a profit. This was especially true in the two hottest markets (Fl and CA). Surprise, the two hottest are now the two with the steepest declines. So, what to do: (1) get the Fed to bail them out by lowering the interest rates, making it possible for some creative refinancing, or (2) let them walk away from the property and stick the lender with it.
Should be no wonder why the CEO at CountryWide wants the Fed to bail them out (or, as he said yesterday...risk recession).