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And the current account deficit is causing the net external debt of the US to accelerate at a 25% negative rate. Funds not provided by the homeowner i. One of the real tragedies of this is that the folks who became first-time buyers because of this expansion of credit, many times they were first-time buyers not just themselves, but for generations of their families," says Jim Wheaton, deputy director of Neighborhood Housing Services of Chicago, a non-profit counseling and lending service.
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