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Radical bailout plan has a jawdropping price tag
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[QUOTE]Originally posted by BooDog: [QB] [b]in a balloon? you pay interest until the expiration date and either refi or sell.[/b] The failure of people to qualify because they overextended beyond their means when it comes time to refi and because of the as you say "exotic" loans abused by the sellers in not only the mortgage industry but also in the auto and even retail industry with these balloon type loans that people had only a gamble of a chance to repay, is imo what put us where we are. You can only charge so much. The bill is now over due. It is the individuals responsibility for "making the deal" but upon default the debt is just rolled into another debt at another rate and never repayed. Add in all the default swaps, wow craziest thing i've ever heard of. [/QB][/QUOTE]
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