I think the simplest way to put it is they FOMOed into a very illiquid asset class in a very high risk market and now need to close the position quickly, which

I think the simplest way to put it is they FOMOed into a very illiquid asset class in a very high risk market and now need to close the position quickly, which is going to cost them. I’m guessing they see a residential collapse on the near horizon.