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brooklynjames commented on Bloomberg: 'Plain and simple,' Congress caused the mortgage crisis, not the banks

Only 6 percent of subprime mortgages were made in Community Reinvestment Act areas, and the Federal Reserve found their default rate was no greater than other subprime loans. The crisis was caused by mortgage-backed securities and the greed of deregulated banks. Bloomberg, of course, makes his money on Wall Street. He has to defend it.

Posted on November 1st, 2011 10:32pm

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