YADL - Yet Another Disaster Looming: This time in HELOC's

...most of the $321 billion in HELOCs loans owned by the "too big to fail" banks are probably worth no more than a few thousand dollars each if the borrower defaults. A growing number of HELOCs where the property has already been foreclosed and repossessed by the banks are worth perhaps $500 each.
---Keith Jurow at Minyanville