While depressed property values can hurt some large investors, they are potentially devastating for homeowners, whoseequity - in many cases representing a life savings - can plunge or even dissapear.

a. they are potentially devastating for homeowners, whose
b. they can potentially devastate homeowners in that their
c. for homeowners they are potentially devastating, because their
d. for homeowners, it is potentially devastating in that their
e. it can potentially devastate homeowners, whose

on choice a & b the word THEY- isn't that an ambiguous referent to values or even the large investors? This is why I stayed away from choice a and b. I chose C because the homeowners is clearly identified but D was awkward? what did I do wrong?