October 27, 2008

There is considerable agreement as to what marks the beginning of the crisis, the decline in real estate values. There is disagreement as to the causes. Some argue that it was the lack of regulations, others mention the leverage issue and others the lack of standards where greedy lenders are the culprit. We will deal with some of these issues later on. Using this approach what we can say is that if the housing prices had held up, the MBS would not have fallen in price and there would not have been a financial crisis.

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