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Basically their were mnay that thought that the worse that could happen was they could refi later or at worse sell at a progit . They conned themselves really that they would be holding the bag if a crash came or mnay didn't even give it a thoguht really. They were iaded by governamnt polices that have for deacdes aimed at getting them a way of buying a home they couldn't really afford. Mnay did the same thing in other credit areas such as credit card debt and srtudet loans.Its more a case of conning themsleves really.