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Originally Posted by dopeman
no kidding. cash-out refis have been the fundamental engine behind the recent economic 'recovery'. now those people will all be so far underwater that they'll probably just walk away. but if consumer spending takes a serious nose dive and liquidity dries up, you could see deflation which is far worse than inflation.
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I thinkwe are going to ahve a banking crisis when all the no money down folks just walk away from their negative equity. banks sell and the selling begets selling.. it could be very very ugly