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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 457.82

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Jan 23 4:00 PM EST

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To: energyplay who wrote (21562)	8/26/2007 11:31:33 PM
From: elmatador	Read Replies (1) of 219716

Fausto "The Brazilian caught in the Maelstrom" More on the basket case of subprime: Basket case: Fausto da Rocha, 47, director of the Center of the Brazilian Immigrant in Boston. In 2001 bought house for 240K, giving downpayment of 10% paying 1.2k monthly installment. In the first refinancing, withdrew 70K and installment jumped to 2.5K. After that, refinanced it again, taking in more 50K to pay 6 credit card debts and debts on two new cars. The monthly installment climbed to 3.3K. HORROR!!! Fausto had paper work ready for ANOTHER refinancing operarion. ready when reality caught up with him: He owed 364K but value of his proerty dropped to 300K. The banks trold him: "The cow is now dry. No more milk." Fausto says a lot of people goes to the Center to ask for orientaton (I wonder what he says to them since he's the director and is in deep ...t.) on how to proceed, otrher simply fly back to Brazil losing all that they put in their homes since they were repossessed by the bank.

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