That is, their combined mortgage debts exceeded their home values by more than 10 percent.
More Quotes from Christopher Cagan:
Nationally, I think it will be a common cold, if you will.Christopher Cagan
Our nation is a 10 trillion-per-year economy currently possessing 19 trillion in household asset value and 11 trillion in homeowners' equity. Losses of 110 billion - spread over several years - would come to only about one percent of the total national homeowners' equity.
Christopher Cagan
I'm more positive about Texas than almost anywhere, because the underpinnings are good, and it hasn't had the huge run-up that other markets have.
Christopher Cagan
The people who bought in 2003 or sooner ... they generally have enough equity that they're going to do all right.
Christopher Cagan
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