Understand that this is not
"ONLY" $2.6T, but it represents the mortgages of the majority of homes in this country. Fan and Fred going under would cause major economic upheaval. Not that that is avoidable at this time anyway, but there is more at stake here than many realize.
We live in interesting times, to put it midly.
Doug Noland over at the prudentbear.com website has been covering this and related matters for at least a year....although his weekly 'Credit Bubble Bulletin' sometimes goes over way my head.
But few will be concerned until this thing comes in short of the runway.