This morning as I read the Globe & Mail over breakfast, I could not help but be drawn into a column by writer Harry Koza.

Mr. Koza did a splendid job of really laying bare the truth that lurks in the shadowy world of sub prime mortgages. He notes that $50 billion worth of mortgages come due in August and homeowners will have to re-new these mortgages as traditional principle/interest mortgages. No low teaser rates, no interest only schemes. Providing these mortgages can be rolled over successfully all will be OK. But if a chunk of this $50 billion ends up in default then expect more market turmoil.