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Patrick and Mary wanted to become homeowners back in 2008 and applied for a loan from a mortgage lender. Patrick and Mary's combined income was

Patrick and Mary wanted to become homeowners back in 2008 and applied for a loan from a mortgage lender. Patrick and Mary's combined income was $50,000 a year and their credit history was poor. They were approved for a mortgage loan but couldn't make the payments. This is an example of a result of _______.

a.

inflation
b.

purchasing power
c.

a depression
d.

a recession

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