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Informal for a homeowner who re-finances his/her property in order to access the equity and spend it on consumer goods rather than investment. A stripper, rather than investing wisely with the equity, squanders his/her wealth while increasing debt. There are two main risks associated with being a stripper. The first is the possibility that the value of the home will begin to decrease, which will prevent any more re-financing. The second is the possibility that interest rates will rise, preventing re-financing at an affordable rate. Since many strippers live above their means, the realization of either of these risks could be devastating.
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