But didn't get much of a response. I understand financial companies are writing down the losses incurred by defaulting loans. However do they have to write down loans that are no longer secured by anything? Think of all the HELOCS and second mortgages ,there are A LOT to say the least. Those are typically secured by the last 20%-30% of a homes value. If home prices have dropped nationwide on average 20% or 30% these loans are no longer secured by anything. Of course the borrowers arent defaulting on them, but still they can't be worth what they used to be seeing as they arent covered by any equity right? Am I way of base here? If not it seems like the write downs are far from over.