by Calculated Risk on 1/30/2008 05:01:00 PM

From Bloomberg: S&P Lowers or May Cut Ratings on $534 Billion of Mortgage Debt (hat tip Tank, RayOnTheFarm)

Standard & Poor's lowered or may cut ratings on $534 billion of residential mortgage securities and collateralized debt obligations.

According to the Fed Flow of Funds report, household have $10.4 trillion in mortgage debt. S&P's announcement today alone is for about 5% of that debt.