human
Serves the fools right although I hope they don't kill themselves like my grandfather did when he and his drinking buddies couldn't make their 90% margin calls after the crash of 1929.

My wife and I found a home with a bargain 16% (going rate was 20%) fully assumable mortgage back in 1982, in a month when 3 homes sold in all of the Greater Victoria BC area. 

We paid off the k$10 BC Home Program 2nd mortgage in 10 months and the k$60 1st mortgage in 5 years and 9 months.

For reference, a BC MLA had a salary of k$20 per year at the time.

News stories in the 1970s said that it was cheaper to own than rent. Then RayGun and Lyin Brian ran interest rates up to 20%. By the time RayGun left office and admitted that he had dementia a USA $ had lost half its value.

BC had some idiot program of no interest loans to reduce the effective mortgage rate, but you had to pay it back. We banked it to collect interest, then got a 10% early repayment discount. SoCred economics.
gpt
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