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4min chapter
Surfin' USA
What Really Matters with Walter Russell Mead
The 30 Year Self-Amortizing Mortgage
The Bank of America founder popularized the 30 year self-amortizing mortgage. The idea is that a house over 30 years depreciates, at least in theories, to nothing. And so it meant that if you could rent a home, you could buy a home and do it with a reasonably small down payment. This plus the weather in Southern California was just a lot better than the weather in New Jersey.
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