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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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From: andiron10/30/2008 10:53:03 PM
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The borrower, who lives in suburban Los Angeles, took nearly $200,000 in cash out of his house and then paid less than the monthly interest due on his new loan.

He now owes about $350,000 on a house that is worth only $150,000. He asked not to be identified for fear he would not get a modification, which could reduce his mortgage to $142,500.

nytimes.com
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