>Put that into perspective: you make a completely bogus $300k loan for a
>bubbilicious house; you're saying after you foreclose you're going to
>get $50k out of it on average?
>
Well, what you get out of the house depends on a lot of things.
-- How high is unemployment? -- What's a dollar worth? -- How high is other debt? (credit card, etc.) -- How many houses are up for sale?
etc.,
For the housing market to come down to historic trends, the house would be worth 150K. How much did real estate deflate in Japan?
Joanna