To the extent that the junk Lehmann jost sold for 22 cents on the dollar are first positions, they just bought 30.6 Billion worth of RE loans for about 6 billion. Assume they foreclose on most of these, they own a large chunk of property. The question is what do they do with it.
If Dr. Doom is correct and the US Dollar declines 50% to 70% in value, Lonestar (the new land owners are geniuses). They just took the only real hedge against a colapse in the dollar by converting crappy loans into property at 22 cents on the now worthless dollar. The fed can screw up the dollar as much as it wants, but Lonestar has tangible real estate assets to be paid off in a 5 billion deflated dollar loan.
If I could buy property at 22% of peak price, I would be taking the same hedge.