“In a certain sense, it’s like the current crisis,” Baucus said. “In 2008, when our financial system collapsed, basically it was caused by the mortgage lending system. The big banks got a little lazy looking at the mortgages. And it was all new to us. Suddenly somebody figured out that, ‘hey, it’s a house of cards, these securities that banks are selling aren’t collateralized because the mortgages are falling apart.’”
By John S. Adams
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