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Anybody who got a 4.75% rate on an ARM when they could have gotten a fixed 30 yr rate of 5.5% is too stupid to be a homeowner IMHO.
Same goes for all the idiots who thought they were geniuses buying "investment" properties AFTER prices had shot up 100% over 5 years.
They're no different than the people who mortgaged themselves to the hilt to buy the NASDAQ at 5000. "Gee this dot com stuff will just keep booming forever"
Apparently they don't teach financial common sense in the public schools.
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