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An, but it wasn’t the same piece of bread. :)

I’ve always wondered what happened to mortgages and loans during those periods. Did borrowers effectively get free houses? Did borrowers not exist?

That has happened in many countries, like Argentina and Lebanon. Borrow before crash, and your house would practically cost you as much as a car.

1. Scams. Romania had a lot of banks defaulting.

2. Yes, the number of loans and mortgages was minuscule.

3. Do you think anyone gave out fixed interest loans? :-)))