>>>Huh? We’re at least halfway out of the bubble, new mortgages would be full-doc and for up to 90% of market value the moment of issuance. Why would these mortgages be worth 25 cents on the dollar.

Hmmm….so your saying 20% of these mortgages are heading to default. What do you think commercial paper with a 20% default rate is fetching on the open market today? Probably a lot less than 25 cents on the dollar. Probably more 5-10 cents on the dollar. Does anyone have the data on this? THanks