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Now in 993 land ...
Join Date: Mar 2003
Location: L.A.-> SF Bay Area
Posts: 14,892
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Banks curretly also close or reduce home equity line of credits. Even borrowing against a 401k isn't going to bring the funds it used to!
This is a very bad spiral. Businesses will suffer, putting more people out of work. The people out of a job can't borrow from credit cards or HELOC. They likely will have trouble paying their mortgage, even if their house isn't under water. This will further send house prices down ... you get the picture ...
George
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97 993
81 SC (sold)
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