Umm after 2008, the investors in mortgage backed securities didn't take a loss. Their securities were purchased en masse by the Fed via Quantitative Easing programs - about 4 Trillion worth.
Edit: it might be interesting to see if there is a recession in China (or globally), how the central bank there might respond in contrast to QE schemes that the US and European central banks used.
Edit: it might be interesting to see if there is a recession in China (or globally), how the central bank there might respond in contrast to QE schemes that the US and European central banks used.