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

A they are potentially devastating for homeowners,whose
B they can potentially devastate homeowners in that
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

The correct answer here is A and I understand why other choices are wrong. However, for the first time I thought that the use of they is ambiguous because it might refer to investors right?