Jwm, indeed it is not 2006. It is 2008 and we are now closer to the bottom than we were in ’06. So whatever you refuted then doesn’t necessarily still ring true. Rates have been reduced dramatically and home pricing has already moderated dramatically.

yes, some home debtors will be out of their homes. It will be those who overextended themselves. The vast majority who have not overextended themselves or used their home as a bank will not be dragged down regardless of whether the Fed monetizes the mortgages or not.