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Every model on both sides of the desk says the trade should work. What’s most interesting is that house flipping costs, not values, are driving the problem.

Global debt doesn't feel expensive until the day it suddenly is. For a decade, governments could roll debt at rates that made the size of the number almost irrelevant.

Mortgage bankruptcy is the number real estate investors holding distressed paper should be watching right now, not foreclosure.

If you're in note investing, the ground under your deals is shifting, and not where the headlines are pointing.