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View Diary: Obama's Presser Video & Transcript Plus Response to McCain (289 comments)

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  •  I like the bottom-up proposition. (1+ / 0-)
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    Kitty

    But, the most glaring problem with that scenario, is that what drove Joe to spend 500,000 on the home was not a house commodity value, it was the idea that owning his home would provide him a second income, which homeownership has done for many a family during the glory-turned-ugly housing bubble.  Joe, house-appreciation included, has grown accostomed to a yearly income of 80,000 as he as been cashing out his equity every couple of years to pay off his consumer debt.  Joe owes 500,000 on his house and his new income of 50,000 isn't going to fly, no matter who holds his mortgage.  Even with the sweetest mortgage terms, Joe's net-worth is in the toilet for the rest of his life if he doesn't walk away from his house.

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