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Many issues played a hand, including relaxation of mortgage qualifications. That relaxation brought in those buying homes greater than 3 times their income (0 down, interest only, etc.) Although Neal is right in his point as to a big contributor, the change in the bankruptcy law makes sense. The law change was reasonable but came with a consequence. Neal is correct though that the buyers irresponsibility played a high role, but the law change was the trap door unloading the bad baggage.
By Jeremy

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