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Mortgage Crisis 2.0: BofA CEO Wants To Slash Down Payments To Help Poor Millennials

Among a host of other issues, one the critical things that contributed to the housing crisis of 2008 was the fact that speculative borrowers had nearly no "skin in the game." Anyone who decided they wanted a piece of the rapidly inflating housing bubble could go out and buy multiple houses with no money down or, in some cases, even do "cash out" purchases whereby banks would finance more than 100% of the purchase price leaving 'buyers' to pocket the excess.
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