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U.S. Default Would Cause Mortgage Rates to Top 8% | Hot Sheet 05/12/23

BAM Hot Sheet

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The Importance of Waiting for a Debt Ceiling Resolution

Jamie Diamond, CEO for JPMorgan Chess says the closer they wait, the more panic will overtake the markets. He believes if they wait a week or days before the debt default deadline, he believes there will be panic in the markets. It would take the US defaulting on their debt for home prices to drop 20%, 23% according to Zillow.

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