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Los Angeles Times: Foreclosure Story
Please take a minute to read this story in today's Los Angeles Times:
http://www.latimes.com/business/la-me-foreclose24dec24,1,1124539.story?track=rss
Part of the story line goes:  A real estate agent told the family "They were wasting their money (on rent),  they could combine their paychecks to buy a home with no down payment." 
And .......... "They were advised to get two loans on the home, for which they paid $340,000. The first required a monthly interest-only payment of $1,436, and the second $655. Maria Debora said she asked whether two loans was a good idea, but the agent told them not to worry because they could refinance in just six months."
I find myself wondering if the agent has read the story......  And what he is thinking...........
 
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