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The best description I've seen of the housing/mortgage collapse

January 5, 2008

BBC has the best description so far of why the subprime market implosion runs so deep.

Banks had got round regulators' rules by selling off their risky loans, but because so many of the securitised loans were bought by other banks, the losses were still inside the banking system.

Posted by rmeyer at 4:50 PM

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