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Politics : Ask Michael Burke

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To: LLCF who wrote (132042)	6/15/2013 1:51:54 PM
From: John Vosilla	Read Replies (1) of 132070

Most long time homeowners in da hoods never move and don't believe in mortgages. Few speculators even want to mess with those areas so values didn't move up much even at the peak in 2006 so little equity extraction took place in the hoods for starters... Of course some took the 'free' money as it was shoved down their throats in 2003-07 but that didn't bring down the entire financial system to the brink of Great Depression 2.. It was all the new construction, speculation and prices tripling and quadrupling in a matter of 3-5 years via high leverage that set the stage

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