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Originally Posted by Guest
Yes, it was Bill Clinton that started all of this with his "everyone should own a house." And then we ended up with those that were stupid enough to take out Adjustable rate mortgages and decided they no longer wanted their home when the worth of the home fell. They simply walked away from their obligation.
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Walking away from ARM interest rate resets...ALWAYS higher...much higher...MADE people walk away and THEN the home values started to fall.
Don't put the cart in front of the horse.