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If you borrow 1 mil to buy a house that is really only worth 0.5 mil, pay off 0.2 mil out of your ordinary income before going underwater when the price resets to a more realistic value, then you've lost 0.2 mil relative to the scenario where the housing market didn't suffer from a bubble. Plus the expense of bankruptcy and the inconvenience of foreclosure...
- Jake Friends come and go. Enemies accumulate.
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