What happens in 6 months when deferment is over.
Just throwing some numbers out there. Happy for feedback.
Imagine 100,000 foreclosures - not unrealistic at all as they have around 60k that go into hardship per year and this is during good times.
Most foreclosures are going to be in negative equity (its why they got LMI) and with 20-30 % house price falls now on the cards , average deficits could be around $50-$100K.
GMA stands to lose between $5 and $10 Billion. (100,000 x $50,000)
Current market cap $858 Million.
Feels like a house of cards.
Ann: Appendix 3Y - Duncan West, page-17
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