Another problem with IO and ARM is that the lenders started approving people if they could afford the initial payment even if they couldn't afford the later payments after the principal was due or the rate adjusted. People just assumed they could sell or refi before that happened.
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Steve
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going.
* The world is a book and those who don't travel read only one page.
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