This report, which I found on the Housing Wire, is enough to send shivers down your back. In fact, I'm grabbing for my jacket right now. If this is right, we ain't seen nothin' yet when it comes to loan defaults.

Fitch Ratings says up to $100 billion worth of Option ARMs could recast in 2009 and 2010. As a result, the number of 90-day delinquencies could more than double, with the potential recast payment increasing an average of 63%. .