In over their heads
From Congress to Main Street, locals have front-row seats to housing collapse
To the bank agent, Sue Rose looked like any other homeowner seeking to refinance six years ago.
Rose heard the same pitch that many others who are close to paying off their mortgage got. Why not take out some of that equity? Want a new car? A boat? Don't you want to travel?
But Rose, community service director for the McHenry County Housing Authority, wasn't any regular homeowner. She knew what she wanted, and it wasn't anything the bank was dangling in front of her in the form of easy money.
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