I think it benefits the credit market more, instead of

those individuals get burned by buying house they don't qualify for and can't afford. The banking industry lowered the standard to loan those money out without any responsibility. Why? Because there are always takers, instead of asking for a 10%, you have takers across the nation with 5%. Foreclosure will burn some average Joes who were over their heads, but it will burn more financial institutions. The banks, hedge funds, are all responsible for this credit crisis. But they got bailed out, those Philippines you mentioned didn't. Therefore, you don't even know right now, whether the loss is 100 billion or 200 billion.