Ping.
Sorry, but IMHO, credit default swaps are worthless pieces of excrement and have no actual value to begin with. They never did. They are just a form of gambling with no real assets or any form of tangible backing behind them; a “derivative” of an actual asset-backed transaction.
They never should have been allowed to exist in the first place and when the CDS bubble really breaks, we are a thousand times more screwed than we are now.