Post #24669 by FlyingCircus on the US Policy board

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That was a bipartisan cluster, hardly a Pub only fail, cmon now. Leading Dems (Maxine Waters) wanted it to relax financing / loan standards for homeownership by low income. With no doc ARM loans the industry immediately invented, then packaged up in MBS for sale to unwitting foreign buyers and I watched by the SEC, everything that could have gone wrong did. Watch the Big Short sometime.

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