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: Mortgage Lender Implode-o-Meter

Underwater Second Liens

By Implode-Explode Heavy Industries

``in the stress tests almost a year ago, the big four banks held $477 billion of second liens and estimated that these assets were worth 81-87 cents on the dollar, so they would take $68 billion in losses (under the ?more adverse? scenario). Konczal estimated that they were instead worth 40-60 cents on the dollar, implying $191-286 billion in losses.''

Full post as published by Mortgage Lender Implode-o-Meter on March 15, 2010 (boomark / email).