What happens to us in 2008?

With WaMu and Countrywide "on the ropes," but giving us that dreaded assurance that "everything is fine,"  what's going to happen in 2008 for the industry and Originators?   It seems that only Freddie Mac has a picture of the depth of the situation that we're in, while much of our reeling industry sees something like a Recovery in 2008. I want to know what the truth is gonna be in 2008–and I don't have all the answers.   My basic assumptions: 75% of the people employed TODAY in retail mortgage banking are gone. Loan To Value will be capped at 80% for most loans.  This will be done because  MI will double or more in price, seeing as MGIC is only being saved (through no fault of their own) by the fact that the worst of the loans were done on 80/20 com