Rob Rafter / CNBC

Highest default rates not expected until the second quarter of 2008
Is the subprime mortgage crisis really just the tip of the iceberg? Bond ratings agencies seem to be playing catch up and some market participants suggest we have only just glimpsed the rising wave of downgrades poised to wash over the massive MBS and CDO markets.

Josh Rosner, Managing Director at Graham Fisher & Company, and Janet Tavakoli, President of Tavakoli Structured Finance, join Squawk Box at 7:00 a.m. EST to tell CNBC’s Joe Kernen there could be further downside risk for both mortgages and the U.S housing market.

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