> If the houses are very affordable for their current owners (due to low rates locked in), what's the mechanism for them to default? Here’s one scenario … 1.

> If the houses are very affordable for their current owners (due to low rates locked in), what's the mechanism for them to default? Here’s one scenario … 1. Forced to move or choose to move, but keep house and rent it out 2. Housing prices drop along with rents that do not cover mortgage 3. Owner tires of losing money, but cannot sell house because underwater on low interest rate mortgage 4. Default