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by graeme
1143 days ago
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That's still not right though. They didn't hit trouble because the market had a downturn. They hit trouble because when the loans were highly sensitive to rate rises. If you have $1,000,000 in principle, at 3% you pay $2500 per month. At 9% you pay $7500 per month. Even if the house is still worth a million you can't necessarily afford the payments. |
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