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There is not a mystery here. You make bad loans to people who cannot pay them back, what else can you expect. Until that concept is understood, there will not be change. The banks were forced to lower their standards to let people qualify for loans that they really should not have been approved for. Look at the other stats that these same folks who refied their loans are now the highest percentage of defaulters in the new wave of foreclosures. you cannot live on champaine on a beer budget.
By dave

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