S&P may cut the credit ratings on subprime mortagage abcked bonds

--S&P may cut the credit ratings on $12 bil of bonds backed by residential subprime mortgage --ratisn of 612 pieces of residential mortgage-backed securities were place on CreditWatch with negative implications, potentially driving down prices of $800 billion in subprime mortgages and $1 trillion of CDO. --Investors in CDOs alone stand to lose as much as $250 billion, according to Institutional Risk Analytics