An interesting article from one of the few commentators to predict the US sub-prime crisis in 2006...:
"The Subprime Crisis Is Just Starting" by Daniel R. Amerman, FSU Editorial 03/20/2008 The Subprime Crisis is Just Starting by Daniel R. Amerman, CFA | March 20, 2008 Print
Overview
As the author of three books on mortgage finance and related derivative securities, and speaking as someone who first turned mortgages into rated securities in 1983, I’m going to let you in on an unfortunate little secret – the real subprime mortgage securitization crisis may not have even started yet. But, there is a good chance the real crisis will arrive soon.
Cont... Lengthy, but well worth it!