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The current crisis is more triggered by liquidity and margin call rather than the defaults.

Which is why my comment, in whole, said:

Depending on how long this goes on, the underlying values of the properties securing the loans may also be impacted

Nowhere did I say that defaults are currently triggering the issues. But in the long term, defaults could be a significant issue, and the potential for that to happen, given the implementation of rules against evictions and foreclosures, is part of what's driving the margin calls and causing the liquidity crisis.

AJ
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