What if 25% of homeowners mortgages defaulted in one year?

[Felix_Nietzsche]

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What would be the impact if 25% of homeowners gave up their homes and moved in with siblings, parents, etc.? How much would this 'snowball to impact' banks, utilities, governments, etc.?

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Outrageously expensive housing prices will fall.
It will be a buyer's and renter market. People will have more disposible income.

Nitwit bankers take it on the chin for making STUPID loans... They then regain their sanity and stop loaning money to people who can't afford to pay them back...