Posted Mar 7, 2008, 4:15 AM
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Join Date: Jan 2006
Location: Southwestern Ontario
Posts: 15,712
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Yep, that's why the housing crisis in the States is such a big deal. People bought houses with no money down then used their equity to buy all kinds of consumer goods. Now their houses are losing value and nobody can pay for anything. They never really owned anything, but couldn't resist the temptation of lenders treating their homes as assets.
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