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August 5, 2007
The Mortgage Problem in Two Sentences
The mortgage problem in two sentences from a piece in today's WashPoston the rise and fall of zero-down mortgages:Many years ago, a 20 percent down payment for a home was the norm. But as prices escalated, fewer people could afford that. After all, 20 percent of $500,000 -- the cost of a middle-class suburban house in the Washington area -- is $100,000.
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