A tsunami of bad debts in every level of finance.
Those servicing the financially disadvantaged such as ZIp and CCP without any recoverable assets will be particularly hard hit.
CCP is already experiencing stress with 3 profit warmings and they typically acuire loan books at 15-19 cents on the dollar whereas Zip is advancing circa 96 cents on the dollar.
Once the defaults start to energe the warehouse funders will reduce the amounts they are prepared to advance and Zip will have to fund a greater percentage and even 10 percent on a $2 billion facility demands a $200 million reserve from operating cash flow.
They simply do not have the cash flow to support this and bankruptcy is inevitable.
The Bear Room, page-1628
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