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If you trace a lot of these defaulted mortgages back to the loan application, you'll find a lot of them contain false information about the borrower's income. Sometimes the borrower is responsible for the false information, and sometimes a sleezy mortgage broker. There was no chance right from the very start that these loans would be repaid. There's a saying, "If something can not go on forever, it will stop." Well, it stopped.
By Claude
