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I have not listened to it yet but I will... but the one thing I don't understand, I have read in several places...while the amount of mortgage failures is large, the percentage of "bad" mortgages compared to the total is not. It is something like 10% of the mortgages which are bad, many of which could be restructured and only about small % are really bad. I don't understand how something less than 10% of the bad mortgages can cause this total collapse of these huge banks.
Also,they write off these as worthless...which they are not. There is a house that is worth something, it is not zero. It may be 20-50% less than a few years ago but it is not zero.
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