I'm getting impatient. I WANT SUBPOENAS, OFFICE RAIDS AND FROG MARCHES. Don't you?

Countrywide, IndyMac, First Federal - how bad will the negative-am "Option ARM" and Alt-A "Liar's Loan" mortgage lenders get killed?

Shorting Alt-A "Liar's Loan" and negative-amortization "Option-ARM" giants Countrywide, IndyMac and FirstFed these past few months has been like shooting fish in a barrel.

Do you realize that with Option ARM loans, the lender recognizes the shortfall in monthly payment as immediate income on their books? Even though this money will NEVER get paid back? E-N-R-O-N.

Their business models have gone kaput, none of them have "Marked to Market" yet, meaning there's significantly more trouble to come, and investors have gotten wise to their accounting games despite the spin coming from their IR departments and CEO suites.

So, how much farther will they fall, or have they gotten as low as they will go?

(Note, I'm still short IMB and FED)

Today and Monday should be interesting days in the market. Wild swings. Up, down, and all around. And remember, stock prices do not equal home prices. Mutually exclusive.