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After being burned by a negative-amortization loan that left her owing more on her Compton home than it was worth, Bell, 62, has soured on the home-refinancing craze. Never a big spender anyway, she has clamped down even harder — deferring painting and other repairs on her modest three-bedroom home. Sadly, she’s also postponed retirement.
“From top to bottom, I’m reexamining how I spent before, and am trying to save at every turn to put away 10% a year. I [hadn't] saved for an economic Katrina.”
