He made a big deal about doubling down and accelerating during the 08/09 recession, looks like things are different now – and his company is probably very different now too so you can't expect the same response.I'm not a big fan of Grant's style, but this one's not on him. 

I think using a previous recession as an example is  reasonable but even that is very speculative. 

Kind of like 9/11, but probably not like the GR that had systemic root causes (vs. today's event driven recession) that lasted a long time. 

A number of people seem to assume that we are heading for a recession and that home prices will fall.

Also Gene, how do you see this business facing the recession? 

Those of us holding re-performing and sub-performing loans will be at risk, again not the banks.This time, the Federal Reserve and the federal government are rolling everything that they've got to make the transition from crisis to recession as smooth as it can.

I did some research to see what we can learn from history about the housing markets reaction on economic recessions and stock market crashes.

In any case, 68% LTV isn't terribly conservative heading into a recession.

This happened in SoCal in the 70s during a multi year recession with double digit interest rates.

4o years of data with multiple recessions will tell you that Austin will do just fine.