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Just in regard to the banks: so the Fed offers to buy all debt, impaired or otherwise and the writing is on the wall as to the probability for a recession and impairments. Why would you not sell (potentially) impaired loans to the Fed and clear them off of your Balance Sheet?

Of course you would. 

Then in Q1 earnings you reserve for impairments (that have now been sold) and report as such. In Q2 earnings, those reserves can reappear on the Balance Sheet for a nice upside surprise.

Now I have no idea whether that has actually happened, but I would't be shocked if it were.

jog on

duc