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No Income? No Resources? No Problem!
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This article is about the people who bought houses at the peak of the housing bubble, specifically those who couldn't afford them but managed to find someone to give them a loan anyway. In this case, a couple who'd already been through bankruptcy and couldn't even get Countrywide to give them a mortgage nevertheless found someone to loan them $365,000 with just a $3,000 deposit and no down payment. Of course, it had a huge balloon, and after the husband lost his job and the wife lost clients, they couldn't pay it. They ended up losing the house, which sold for $125,000. It's a too-typical story of the recession. (Los Angeles Times)
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