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They were already taking huge writedowns anyway, due to the homes being underwater and the mortgages not being repaid / entering foreclosure.
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True. Do you think it would more or less be a wash?
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They were already taking huge writedowns anyway, due to the homes being underwater and the mortgages not being repaid / entering foreclosure.
True. Do you think it would more or less be a wash?
It seems like lenders would potentially be able to take a pretty huge loss if the principle could tank 80% in a housing crash.
Wouldn't that have rather severe downstream implications?