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The borrowers, the brokers, the realtors, the appraisers and in many cases even the sellers were all party to the stupidity that's now coming home to roost.
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Exactly right.
People will workout deals with the new mortgage owners. Some will be be legit and help people, some will help people get ahead at the expense of us all. Those of us who pay our debts responsibly are taking it on the chin.