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It's not just low rates that got us into it.
It was a combination of low rates, careless lending practices and reckless products like nothing-down, interest only ARMs.
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The mortgages were just part of the problem-- the real problem was all the stooopid credit default swaps that were written on these mortgages without any reserves to pay the claims. That's what blew up the system. I think we could have handled the amount of foreclosures if that's all there was to it.
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