I want to know the answer to the following question:
What happened to home equity when housing prices decreased?
All the background I'm provided with is that "Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments".". Is that enough to answer the question?
Answer: no