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RE: Red October: 4 Reasons the World Will Never Be the Same
If these mortgages had a low chance of being paid back, why did the banks give them out? Because they were allowed to resell the debt to each other in credit default swaps.
Because they were forced to do so by the Community Reinvestment Act. Probably part of an overall plan to crash the banks and the market, which would lead to more government control.
Interesting, wasn't aware of that, thanks!
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