Former Federal Reserve Chairman Alan Greenspan reiterates what Thomas Sowell has been saying for a year regarding the financial collapse:
While the roots of the crisis were global, it was securitized, U.S. subprime mortgages that served as the crises’ immediate trigger. A surge in demand for mortgage backed securities was heavily driven by Fannie Mae and Freddie Mac which were pressed by the Department of Housing and Urban Development and the Congress to expand affordable housing commitments.
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