Guido has a good bit on this. He is soooo right.
The banks need all their cash to cover this one. It looks as is the pain will be broadly distributed - but if you're retiring soon, forget the last projections you saw for your pension.They will be down about 40% next time you look.
On the other hand, in theory it should all balance out and if Fannie and Freddie are anything to go by it might go without too many hitches.