### Comment:
One homeowner defaulting forces a sale of an asset that directly affects and depresses the prices of assets nearby. A student defaulting on his loan does not affect the value of additional loans as there is no asset. This is literally apples to oranges.

### REPLY:
It’s a reason to be less concerned about a feedback loop. But they aren’t without correlation. A week jobs market will push the default rate above historical projected rates. Not just cause random isolated defaults.

### END.