Always a Silver Lining

Mark Whitehouse reports in this Monday's Wall Street Journal about the rising number of defaulting homeowners hitting the skids as those once-darling floating rate/interest-only loans start to rise (the current lull by the Fed notwithstanding).  What's the silver lining?  Why the propitious news for derivatives traders who have gobbled up new contracts that hedge against sub-prime mortgage defaults!  Yes, that's right, the good news is you can make a buck on the foreclose of that guy down the street.  I guess at least someone's figured out how to bet on the Don't Come Line in the crapshoot of life.