or that they were silly and spent nigh on 800k on a house that realistically was only ever worth 500 give or take when the props are taken away?
Not especially, many delinquencies are sub 100% LTV but the mortgage became unaffordable. It was probably originated at 4.5-5x salary so limited wiggle room in case of loss of income.
@NickCJ started
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or that they were silly and spent nigh on 800k on a house that realistically was only ever worth 500 give or take when the props are taken away?