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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Giordano Bruno who wrote (344293)9/25/2007 9:40:29 AM
From: stan_hughes  Read Replies (1) of 436258
 
Sadly, they guy who really gets screwed in all this house decline dynamic is the guy who wanted a decent place for his family to live but had to pay $1 million for an overpriced house in CA, so he scraped together everything he had and put 40-50% down so he could carry it -- he now loses all of his very real down payment.

Meanwhile, some shit-for-brains late-cycle spec buyer and his crooked mortgage broker brother-in-law buys the same $1 million dollar house next door at 100% or more LTV, except these clowns get to lay off the loss they've incurred on the taxpayer courtesy of the banking system and the Fed.

That's a breeding ground for a lot of honest people to go postal
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