Keep your eyes peeled and your ears a wigglin for news on CDO's and insurance companies.
I'm doing a little pokin' around, and I must regrettably admit that I'm not knowledgeable enough to know all of the implications, but it seems to me that insurance companies jumped fully onto this band wagon.
Here's a link that will give you an interesting overview and will explain AXA's involvement. If you are interested, you may want to look. I'll try to have more later, but I'm woefully ill-equipped to research this in a meaningful way. Nevertheless, I'm confident that I can uncover a few tidbits. And I think the fact that these insurance companies are in this arena is an important tidbit. Also, if there is a re-grading (meaning de-grading) of some of these securities, then that will be problematic for some holders.
Do not think for a minute that this story goes away with the subprime lenders. They were merely the initial conduit. There is an entire food chain behind them, and I'm pretty confident some folks that are holding these in their portfolios are scrambling to ensure that valuations are appropriate.