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People got into these mortgages for exactly the reasons Dave noted, the mortgage brokers and bankers convinced them that when the ARM came due the propery would have so risen in value that they could simply remortgage into a 30 year fixed.
What is so hard about admitting the we have possibly the world's must f**ked up mortgage system? I still maintain that it was designed by thieves foir thieves. Just so damn glad we are out from under.
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Great minds discuss ideas; Average minds discuss events; Small minds discuss people.
Eleanor Roosevelt
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