BP to Russia: Fool Me Twice, Third Time Lucky?
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  • The ‘masters of the universe’ who brought us the subprime mortgage crisis

    You are referring to Barney Frank, Chris Dodd, and Fannie and Freddie?

    Because no way business is going to be handing out so many toxic mortgages without a safe place to dump them.

    The CRA lifted the bottom of the pile and the rest of the pile with it. Fannie and Freddie backed them up by covering the higher levels of the pile.

    I’m not sure you are aware of this but Fannie and Freddie are writing >90% of the mortgages these days.

    Business can certainly cause accidents. But it takes government help (big time) to produce a catastrophe.

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