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From the article linked

“Second mortgages underwritten by the same bank that originated the first loan are termed 'silent seconds' because the loan-to-value ratio lenders report includes only the first mortgage. They can enable a home buyer to borrow more, often to buy a property he or she couldn't otherwise afford.”

Does this mean the national equity percentages we've been seeing (54% or so, IIRC, down from 58% a few years ago) are still overstated? In other words, despite the housing boom, home equity is even lower than this?

(Also, I believe this equity number includes those who own their homes outright, which is about 1/3, give or take)

In any case, thanks for the headsup, Valueguy. I'm not expert, by any means, but (if I understand this correctly) it sounds like a step in the right direction-- the tighter lending standards, I mean.

I'm as bleeding heart liberal as the next guy, maybe moreso, but I really don't see the logic of arguing the *everyone* deserves to own a home. Quite clearly, IMO, there is some portion of the population who have not earned the privilege, or are not yet ready for the responsibility, of home ownership.

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