Nope.
Actually, the bank I work for is rather solid and never got deep in the unusual mortgages - in fact they never really did them at all.
I am more concerned about the value of my home falling 50% for the next 20 years, and being stuck in this declining school district, with the State continuing to pump more Section 8 Ghetto trash in the area.
It depends where you live. The housing market must fall until it reaches a 3 to 1 income ratio. IN other words, homes are still overpriced compared to personal incomes. Nationally, home prices may average to this decline but you will likely see them grow again in about five years (start of a new bull market). Houses have about 10% more to drop over the next year into 2009 and foreclosures will accelerate in this time.