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To: chaz who wrote (61255)9/12/2002 7:50:36 AM
From: willcousa  Respond to of 77400
 
I have met with leaders of the second mortgage trade association and if they have been honest in what was said lending standards are tight for second mortgages. They had historic charts on default rates. They said the key to a low default rate is to ensure that the borrower has an equity stake in the property so that under any circumstances the borrower gains by not defaulting.