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Some people "bought" with no intention of making any payments. A friend of mine is a used car dealer and he just bought an '08 Subaru with 3000 or 4000 miles on it. I asked him what was the story on this car since it was virtually brand new. He said that a young guy bought the car, drove it for 3 months, and never made a payment. The bank repo'ed it and my friend bought it at an auction. I guess this is how it is today. These big houses are exactly the same except in many cases, the mortgage seller knew that the buyer was not able to afford the big house before the mortgage was signed.
Wayne
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Don't get caught dead, sitting on your seat belt.
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