If what EJ is alluding here with the mortage total and number of potential mortgages that will default is truly signified by looking at the average of 75K, then what is at stake are a good many small time loans. If that is true I imagine the properties are far from anything prime, and thus the poor people who lose their homes will just be poorer.

I looked for a post I made a while ago, but could not find it. In it a female economist was talking to some group, perhaps of bankers, and if I recall she was saying the impact of recession, and I believe she alluded to the defaulting on debts by highest risk group of debtors, would mainly be on the low economic echelon of society. I do believe she thought everything else would be okay. I apologize for not providing that reference.