As far as new Alta-A and subprimes in the pipeline, I found this very interesting post

http://accruedint.blogspot.com/2009/08/smackdown-week-interlude.html

His conclusions:

[1] Most of the subprime damage is over.
[2] Option ARMs are at best compensating for disappearance of subprime for now.
[3] There are not many Option-ARMs left though.

Thus the source of foreclosure pipeline is drying up. (Of course the pipeline is full at present and it will take some time for it to become empty.)

Thoughts?