More Pain to come

I read today that Credit Suisse expects about $350 BILLION in mortgage resets in 2009, the majority of which are option adjustable rate loans. What with depressed values and the end of the "teaser" rates, even with current low interest rates, I wonder how many people will be sending "jingling envelopes" to the loan servicers, knowing that their credit will not support a new loan, or that their LTV rate is negative 35%...batten down the hatches everyone.