Tagged no paper towels
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Clothing Collateral
Sarah was stoked at getting such a low down payment on her dream house. She had swooped in on a new market opening in a nice part of town and managed to seal the deal. How did she get the house? Rather than mortgage the house itself, she decided to mortgage not only the clothes she was wearing at the time, but any clothing she might own in the future. For the next 30 years, Sarah's ability to stay decent will be contingent on her ability to make the payments, and the bank can foreclose on her fabric property without notice.