The spotlight shifted a bit from Fannie Mae and Freddie Mac right back to Lehman Brothers, leaving little room for others. But the New York Times managed to squeeze in Washington Mutual, whose stock has also been in free fall. It now hovers around $2.30 a share. Recall that TPG invested at more than $8 a share. So this is Lehman Brothers all over again in that its CDS spreads have widened, deal talks have fallen through and losses have mounted. Standard & Poor's cut its credit ratings this week, as well. The consensus is that WaMu has a pitifully weak portfolio of mortgage assets right now. Options ARMs face a wave of resets over the next two to three years. Investors are right to question the future.

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