NetBank, a $2.5 billion thrift that two years ago ranked among the top 50 residential lenders in the U.S., has gone bust. The Office of Thrift Supervision took them over on Friday. The Federal Deposit Insurance Corp. was named receiver… Has the payment-option ARM gotten a bad rap? I'll leave that up to the industry but we know this: according to freshly published figures from the Alternative Products Quarterly Data Report, originations of payment-option ARMs fell 43% in the second quarter. The nation's top 20 originators of POAs saw their fundings fall by 33%. But don't expect this loan to go away anytime soon. Subprime POAs are toast, yes, but prime POAs likely will survive.