Greenspan-cash from home values grew mortgage debt

Stock Market News and Investment Information | Reuters.com: " Federal Reserve Chairman Alan Greenspan said on Monday his own research reveals that 80 percent of the gain in U.S. mortgage debt is due to people taking cash out of the value of their homes.
'Discretionary extraction of home equity accounts for about four-fifths of the rise in home mortgage debt,' he said, describing the paper in a speech to the American Bankers' Association."
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