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Pretty even handed: clearly those with teaser rates who can't afford the new rate are in deep doodoo, and those holding those mortgages will be left holding the bag. Potentially others in trouble as well, but generally foreclosures won't have a huge impact on the housing market compared to other factors. Probably tightening lending standards will slow housing market. What no one really seems to know is how much the slowing housing market will affect the overall economy.
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