Edmund F. Biro still remembers how good his life was before the financial crisis that nearly destroyed the economy 10 years ago.
The software engineer was earning about $85,000 a year doing consulting work. He, his fiancee and her teenage son lived in a three-bedroom Chatsworth condo that had jumped to about $500,000 in value. And, just in case of emergencies, his bank had set him up with a home equity line of credit.
“As far as I was concerned, things were going really well,” he said, “except I wasn’t aware of all the things that could go wrong.”