This last year: "Subprime." This year: "ALT-A", "Option ARMs" and so-called "Prime". The Fed and Treasury know this, which is why they are playing games with "agency" debt in an attempt to clear the market before these new bombs go off. The amount of debt involved in these "bad deals" is vastly higher than that in the "subprime" space; and, if we fail to contain these bombs, secere bank instability will show. It may already be occurring.