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May 07, 2007

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April Groves

Wow - I could not have said it better - great observation!

We are starting to think that we are taking a bigger risk putting all that money into insurance instead of other things.

Aubrey Clark

Great point, we are all insurance poor no doubt...maybe us mortgage guys should jump-ship to start writing insurance policies :-0
Another reason homeowners are struggling is because of the credit addiction we have been riding. For the last decade the mantra has been to max out the credit cards and turn to the your homes equity to make it go away.

As long as property values continued to rise we could feed our addiction. One the property bubble "popped" homeowners found their selves holding a mountain of debt in a ticking time bomb mortgage.

I believe this is a huge market correction for the good, kicking any addiction is going to be hard ... as I sip my third cup of coffee :-0

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