Goldstone believes that for Thornburg's part, all the restructuring has positioned the lender to benefit from credit dislocation by being able to scoop up market share from the roughly 50 lenders that have gone under during the credit disruption.

That said, Goldstone believes that potential homeowners may want to reconsider the way they view homeownership in light of the mortgage shakeup.

"Real estate is not the asset class to be in, in my view," he says. Potential buyers "need to have a longer term view and realize that housing is a really illiquid asset."

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