Thanks, I know how that all works. I was just pointing out that people didn't think property values would fall in any meaningful amount.
I suspected from your posts you knew. I should have indicated it was for those who were curious about the so called “Exotic” mortgages. For most people, this would be good reading material if one was having a hard time falling asleep. Or maybe were just curious. Probably would be good for Katy Couric, as she doesn’t seem to know the difference between a neg am mortgage and a default swap. For that matter, the differnce between AIG and Agway.