As in record cancellations of deals! As in walking away!
In 2004 they walked from $3.9 billion.
In 2005 they walked from $12.5 billion.
In 2006 they walked from $42.5 billion.
In 2007 they walked from $84.2 billion.
When they walk away it's a "business decision." Now people are walking away from their homes. Why is that a "moral obligation" but when private equity walks away it's a "business decision."
And that's why the Fed cuts .50. Because walking away from homes is now becoming a "business decision."