Sub-Prime writedowns

tradetime

I'm sure the sub-prime writedowns of the last several months have escaped no ones attention. As the wall street magicians fashioned thousands of mortgage loans into SIV's and sold them on in the fanacial markets, banks who bought into these products have been forced to writedown billions in the wake of a US property market collapse.
Since I doubt that our financial wizards are any less creative than their US counterparts, I have to wonder, now that the UK housing market has entered into a corrective phase, if we get the sort of meltdown then many crave will the UK trigger the next wave of sub-prime writedowns, and how much more exposed to homegrown SIV's would UK banks be?