When Your Home is Your ATM

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Peter Coy with a good article on the continuing saga of the housing meltdown. A priceless quote:

It has become a cliché, but an accurate one, that Americans used their homes as ATMs during the boom years. They lined up for cash-out refis or home-equity loans to turn housing wealth into spending money.

6:34 pm on February 3, 2008
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