Adam, go over to the economics and investing forum, and read my thread on shorting WaMu. Yes, it is true! WaMu must have $1 bil of neg-am income on their books by now. 15% of their income is neg-am, that is income earned but not received, and I doubt it will ever be received. (Ok, some people will call me a doom and gloomer,but be real: if they can’t even afford to pay all the interest now, how will they afford it when the interest rate rises, and the higher loan balance is amortized over a shorter time period.) For this reason, I’m interested in shorting some of these crazy lenders…