Double Dip Mortgage Crisis

As a nice follow-up of yesterday's post where I mentioned the widening OIS-Libor spread, this morning Bank of American reported that its Fannie, Freddie exposure may be worse than anticipated. This sounds a lot like a double dip mortgage crisis. I believe it is the unknown unknown that alarmingly but quietly drove up the OIS-Libor spread and is not covered in the media and embedded into investors' mentality, necessary conditions for a perfect storm.