Last night, after business hours (8:00PM EST) in a thinly reported move, institutional holders of Residential Mortgage Backed Securities (RMBS), issued by Countrywide (now BofA), issued a "notice of non-performance" on $47 Billion in securities held.
So, with my miniscule understanding of the inner-workings of finance on this level, it looks to me like not only are the homeowners (borrowers) starting to fight back but, on a level with much greater ramifications for the TBTF banks, the institutions to whom they sold all of the mortgage backed security garbage are taking the first steps necessary to demand that the issuers BUY BACK the garbage!
This could get very interesting in a hurry. But in the end, it will probably end up on the taxpayer side of the balance sheet....stay tuned!