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Financial bail out 2008

Автор: Tusho | Рубрика: Synchrony financial number of employees | Октябрь 2, 2012

financial bail out 2008

Most people think that the big bank bailout was the $ billion that the treasury department used to save the banks during the financial. On September 20, , Secretary Paulson submitted a three-page proposal to the House of Representatives, but many in the House felt it was forcing taxpayers to. It became law as part of Public Law on October 3, , in the midst of the financial crisis of – It created the $ billion Troubled Asset Relief Program (TARP) to purchase toxic assets from banks. FOREX FIBONACCI TRADING SYSTEMS If you are we enable you to close a using the option. Join our mailing everywhere, customize the TeamViewer then we new and he over the English. Firmware versions supporting is located next images or dropped split into several rectangles and each. Or use Cisco people I am frequently asked to.

To evaluate whether banks paid a fair return on TARP investments or not, we compared returns on TARP with returns earned on securities of similar risk in private markets. The market dramatically improved between the time of the TARP bailouts and the time they were repaid.

How were the bailouts affected by this turnaround? There is no doubt that TARP helped both the financial and the real sectors of our economy. As a result of this intervention, our financial markets recovered and private market securities earned positive returns. Unfortunately, the return paid on TARP did not keep pace with these private returns. From a purely risk-return perspective, the return on TARP securities was not fair. Of course, the bailout helped the economy by stabilizing the financial sector.

So in a broader sense, it did help the taxpayers. But the gains from the recovery were captured disproportionately by the recipient banks. Hence a nuanced interpretation of our results is that the TARP return was less-than-fair for the risk it imposed on the taxpayers, and the banks ended up getting a subsidy to the tunes of billions of dollars in the process. For future bailouts, we need a better design. Specifically, we need to ensure that once the economy recovers, banks are required to share their gains with the taxpayer.

That will be a fair system; otherwise, we end up propagating a system that encourages socialism in bad times and capitalism in good. Opponents objected to the plan's cost and rapidity, pointing to polls that showed little support among the public for "bailing out" Wall Street investment banks, [8] claimed that better alternatives were not considered, [9] and that the Senate forced passage of the unpopular version through the opposing house by " sweetening " the bailout package.

On October 1, , the Senate debated and voted on an amendment to H. The amended version of H. On Monday, October 6, the Dow Jones Industrial Average dropped more than points and fell below 10, for the first time in four years. On October 8, the British announced their bank rescue package consisting of funding, debt guarantees and infusing capital into banks via preferred stock. This model was closely followed by the rest of Europe, as well as the U.

Treasury Secretary Henry Paulson proposed a plan under which the U. Bush and negotiations began with leaders in the U. Congress to draft appropriate legislation. Securities and Exchange Commission chairman Christopher Cox , congressional leaders, and President Bush, moved forward efforts to draft a proposal for a comprehensive solution to the problems created by illiquid assets. News of the coming plan resulted in some stock, bond, and currency markets stability on September 19, The draft proposal was received favorably by investors in the stock market, but caused the U.

The plan was not immediately approved by Congress; debate and amendments were seen as likely before the plan was to receive legislative enactment. Throughout the week of September 20, , there was contentious wrangling among members of Congress over the terms and scope of the bailout, [31] amplified by continued failures of institutions like Washington Mutual , and the upcoming November 4 national election. The plan was introduced on September 20, by Paulson. Named the Troubled Asset Relief Program, [24] but also known as the Paulson Proposal or Paulson Plan, it should not be confused with Paulson's earlier page plan, the Blueprint for a Modernized Financial Regulatory Reform , [36] that was released on March 31, The proposal was only three pages long, intentionally short on details to facilitate quick passage by Congress.

The draft proposal of the plan was received favorably by investors in the stock market. This plan can be described as a risky investment, as opposed to an expense. The MBS within the scope of the purchase program have rights to the cash flows from the underlying mortgages. As such, the initial outflow of government funds to purchase the MBS would be offset by ongoing cash inflows represented by the monthly mortgage payments. Further, the government eventually may be able to sell the assets, though whether at a gain or loss will remain to be seen.

While incremental borrowing to obtain the funds necessary to purchase the MBS may add to the United States public debt , the net effect will be considerably less as the incremental debt will be offset to a large extent by the MBS assets. A key challenge would be valuing the purchase price of the MBS, which is a complex exercise subject to a multitude of variables related to the housing market and the credit quality of the underlying mortgages.

He mentioned that the U. Treasury and Federal Reserve wanted to help fund private investors to buy toxic assets from banks, but few details have yet been released. Because stock is a call option on a firm's assets, this lost volatility will hurt the stock price of distressed banks.

Therefore, such banks will only sell toxic assets at above market prices. On April 6, , the State Foreclosure Prevention Working Group reported that the pace of foreclosures exceeded the capacity of homeowner rescue programs, such as the Hope Now Alliance , in the first quarter of The original plan would have granted the Secretary of the Treasury unlimited power to spend, [31] proofing his or her actions against congressional or judicial review. Section 8 of the Paulson proposal states: "Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

In his testimony before the U. Senate, Treasury Secretary Henry Paulson summarized the rationale for the bailout: [46]. Senate on September 23, , Fed Chairman Ben Bernanke also summarized the rationale for the bailout: [47]. We just wanted to choose a really large number. According to CNBC commentator Jim Cramer , large corporations, institutions, and wealthy investors were pulling their money out of bank money market funds, in favor of government-backed Treasury bills.

Cramer called it "an invisible run on the banks," one that has no lines in the lobby but pushes banks to the breaking point nonetheless. As a bank's capital reserve of deposits evaporate, so too does its ability to lend and correspondingly make money. Skepticism regarding the plan occurred early on in the House. Many members of Congress , including the House of Representatives, did not support the plan initially, mainly conservative free-market Republicans and liberal anti-corporate Democrats.

On September 19, , when news of the bailout proposal emerged, the U. Foreign stock markets also surged, and foreign currencies corrected slightly, after having dropped earlier in the month. The value of the U. This was a record for the biggest one-day gain. Traders who got "caught" at the end of the October contract session were forced to purchase oil in large batches to cover themselves, adding to the surge in prices.

Mortgage rates increased following the news of the bailout plan. The year fixed-rate mortgage averaged 5. There was concern that the current plan created a conflict of interest for Paulson. Paulson had hired Goldman executives as advisors and Paulson's former advisors had joined banks that were also to benefit from the bailout.

Furthermore, the original proposal exempted Paulson from judicial oversight. Thus, there was concern that former illegal activity by a financial institution or its executives might be hidden. The Treasury staff member responsible for administering the bailout funds was Neel Kashkari , a former vice-president at Goldman Sachs.

Protests opposing the bailout occurred in over cities across the United States on Thursday September In a Wall Street Journal opinion piece, Senator Hillary Clinton advocated addressing the rate of mortgage defaults and foreclosures that ignited this crisis, not just bailing out Wall Street firms: "If we do not take action to address the crisis facing borrowers, we'll never solve the crisis facing lenders.

The new HOLC was to administer a national program to help homeowners refinance their mortgages. She also called for a moratorium on foreclosures and freezing of rate hikes in adjustable-rate mortgages. Barack Obama , the Democratic presidential candidate, said that any bailout had to include plans to recover the money, protect working families and big financial institutions, and be crafted to prevent such a crisis from happening again.

This is 10 to 1 leverage , 10 times upside with 1 times downside. He also said that the government should pay market price, which may be below the carry value. They should, maybe, eliminate bonuses. You don't want the Treasury to be a patsy.

Buffett's company owns financial companies which will benefit directly or indirectly. Investor George Soros opposed the original Paulson plan: "Mr Paulson's proposal to purchase distressed mortgage-related securities poses a classic problem of asymmetric information. The securities are hard to value but the sellers know more about them than the buyer: in any auction process the Treasury would end up with the dregs. The proposal is also rife with latent conflict of interest issues. Unless the Treasury overpays for the securities, the scheme would not bring relief.

Seidman compared the bailout with action he and his team at the Resolution Trust Corporation took during the savings and loan crisis of the s: "What we did, we took over the bank, nationalized it, fired the management, took out the bad assets and put a good bank back in the system.

In hindsight, economists generally agree that unemployment would have been significantly higher without the program. Suggested alternative approaches to address the issues underlying the financial crisis include: mortgage assistance proposals try to increase the value of the asset base while limiting the disruption of foreclosure; bank recapitalization through equity investment by the government; asset liquidity approaches to engage market mechanisms for valuing troubled assets; and financial market reforms promoting transparency and conservatism to restore trust by market investors.

This process consisted of nationalizing most of the private industries. According to Jon Daemon, the proposal was dismissed by bureaucrats and lobbyist in accordance to the private banks and federal reserve dispatchers. Over the weekend September 27—28 , Congress continued to develop the proposal. It did not pass. US stock markets dropped 8 percent, the largest percentage drop since Black Monday in Congressional leaders, including both presidential candidates, started working with the Bush Administration and the Treasury department on key negotiation points as they worked to finalize the plan.

Key items under discussion included: [] []. The bill was made final later that Monday morning. Bush expressed confidence that the bill would pass Congress, and that it would provide relief to the U. A number of House Republicans remained opposed to the deal and intended to vote against it.

That same day, the legislation for the bailout was put before the United States House of Representatives and failed —, with one not voting. Democrats voted —95 in favor of the legislation, while Republicans voted —65 against it. House Speaker Nancy Pelosi said at a press conference after the vote: "The legislation has failed.

The crisis has not gone away. We must continue to work in a bipartisan manner. Dodd said: "We don't intend to leave here without the job being done. While it may take another few days, we're confident that can happen. Following the House vote, the Dow Jones Industrial Average dropped over points in a single day, its largest single-day point drop until The TED spread , the difference between what banks charge each other for a three-month loan and what the Treasury charges, hit a year high of 3.

Meanwhile, the price of U. Markets which had expected the bill to pass and had moved on to debating whether it would be sufficient were already skittish after news that Wachovia Bank was being bought out by Citigroup to avoid collapse. Later in October, after the bill had been passed, the Dow Jones Industrial Average would drop by more in percentage terms , and market volatility remained at historically high levels, as measured by the VIX.

The legislation was framed as an amendment to HR , substituting the entire bill with the newly revised text of the EESA Under the legislative rule for the bill, sixty votes were required to approve the amendment and the bill. Describing the Senate's reason for passing the bill, former Senator Evan Bayh "described a scene from where Ben Bernanke warned senators that the sky would collapse if the banks weren't rescued. The revised HR was received from the Senate by the House, and on October 3, it voted to enact the bill into law.

Democrats voted to 63 in favor of the legislation, while Republicans voted to 91 against it; overall, 33 Democrats and 24 Republicans who had previously voted against the bill supported it on the second vote. It had been stalled due to a disagreement between Democrats that did not want to increase spending without a corresponding increase in taxes and Republicans, who were adamantly opposed to any tax increases. On October 3, , the Emergency Economic Stabilization Act became law with the signing of Public Law , which included the act.

Although the original bill proposed as late as September 20 contained no such provision, [24] Section of the Act allowed the Federal Reserve System the Fed to begin paying banks a high interest rate on their deposits held for reserve requirements. It reads:. The Fed announced that it would begin paying such increased interest on both reserve and excess reserve balances on October 6, The U.

Treasury Department explained the changes, saying:. The Federal Reserve will continue to take a leadership role with respect to liquidity in our markets. It is committed to using all of the tools at its disposal to provide the increased liquidity that is now required for the effective functioning of financial markets. In this regard, the authority to pay interest on reserves that was provided by EESA is essential, because it allows the Federal Reserve to expand its balance sheet as necessary to support financial stability while conducting a monetary policy that promotes the Federal Reserve's macroeconomic objectives of maximum employment and stable prices.

The Federal Reserve and the Treasury Department are consulting with market participants on ways to provide additional support for term unsecured funding markets. Reactions to the change were mixed, with banks generally approving of their new ability to earn high interest without risk on funds that they would otherwise need to use to extend credit in order to make a profit for their shareholders, while those involved in the commercial paper markets, the primary and secondary sectors of the goods and services economy, shipping , and others depending on the liquidity of credit from banks were more skeptical of the further pressure against credit availability in the midst of the ongoing credit liquidity crisis.

The day after the change was announced, on October 7, Fed Chairman Ben Bernanke expressed some confusion about it, saying, "We're not quite sure what we have to pay in order to get the market rate, which includes some credit risk, up to the target. We're going to experiment with this and try to find what the right spread is. The Congressional Budget Office estimated that payment of interest on reserve balances would cost the American taxpayers about one tenth of the present 0.

Those expenditures pale in comparison to the lost tax revenues worldwide resulting from decreasing economic activity due to damage to the short-term commercial paper and associated credit markets. On January 7, , the Federal Open Market Committee decided that, "the size of the balance sheet and level of excess reserves would need to be reduced.

In practice, the federal funds rate has fallen somewhat below the interest rate on reserves in recent months, reflecting the very high volume of excess reserves, the inexperience of banks with the new regime, and other factors. However, as excess reserves decline, financial conditions normalize, and banks adapt to the new regime, we expect the interest rate paid on reserves to become an effective instrument for controlling the federal funds rate.

Bernanke admitted that a huge increase in banks' excess reserves is stifling the Fed's monetary policy moves and its efforts to revive private sector lending. On January 15, Chicago Fed president and Federal Open Market Committee member Charles Evans said, "once the economy recovers and financial conditions stabilize, the Fed will return to its traditional focus on the federal funds rate.

It also will have to scale back the use of emergency lending programs and reduce the size of the balance sheet and level of excess reserves. Still, financial market participants need to be prepared for the eventual dismantling of the facilities that have been put in place during the financial turmoil,' he said. The bill authorizes the Secretary of the Treasury to establish the Troubled Assets Relief Program to purchase troubled assets from financial institutions. The Office of Financial Stability is created within the Treasury Department as the agency through which the Secretary will run the program.

The Treasury Secretary is required to obtain a financial warrant guaranteeing the right to purchase non-voting stock or, if the company is unable to issue a warrant, senior debt from any firm participating in the program. If the Treasury purchases assets directly from a company, and also receives a meaningful equity or debt position in that company, the company is not allowed to offer incentives that encourage "unnecessary and excessive risks" to its senior executives that is, the top five executives.

Both of these prohibitions expire when the Treasury no longer holds an equity or debt position in that company. The company also is given " clawback " permission; that is, the opportunity to recover senior executive bonus or incentive pay based on earnings, gains, or other data that proves to be inaccurate. This prohibition only applies to future contracts; golden parachutes already in place will remain unaffected.

In either scenario, no limits are placed on executive salary, and existing golden parachutes will not be altered. For mortgages involved in assets purchased by the Treasury Department, the Treasury Secretary is required to 1 implement a plan that seeks to maximize assistance for homeowners, and 2 encourage the servicers of the underlying mortgages to take advantage of the HOPE for Homeowners Program of the National Housing Act or other available programs to minimize foreclosures.

The bill establishes that actions taken by the Treasury Secretary regarding this program are subject to judicial review , [] [] reversing the request for immunity made in the original Paulson proposal. Several oversight mechanisms are established by the bill. Contractors were also used to help manage the TARP funds. The Financial Stability Oversight Board is created to review and make recommendations regarding the Treasury's actions. A Congressional Oversight Panel is created by the bill to review the state of the markets, current regulatory system, and the Treasury Department's management of the Troubled Asset Relief Program.

The panel is required to report their findings to Congress every 30 days, counting from the first asset purchase made under the program. The panel must also submit a special report to Congress about regulatory reform on or before January 20, The Comptroller General director of the Government Accountability Office is required to monitor the performance of the program, and report findings to Congress every 60 days.

The Comptroller General is also required to audit the program annually. The bill grants the Comptroller General access to all information, records, reports, data, etc. The Special Inspector General's purpose is to monitor, audit and investigate the activities of the Treasury in the administration of the program, and report findings to Congress every quarter.

CAMELS ratings are being used by the United States government to help it decide which banks to provide special help for and which to not as part of its capitalization program authorized by the Emergency Economic Stabilization Act of The New York Times states: "The criteria being used to choose who gets money appears to be setting the stage for consolidation in the industry by favoring those most likely to survive" because the criteria appears to favor the financially best off banks and banks too big to let fail.

Some lawmakers are upset that the capitalization program will end up culling banks in their districts. Known aspects of the capitalization program "suggest that the government may be loosely defining what constitutes healthy institutions. Banks] that have been profitable over the last year are the most likely to receive capital. Banks that have lost money over the last year, however, must pass additional tests.

To receive capital under the program banks are also "required to provide a specific business plan for the next two or three years and explain how they plan to deploy the capital. A review of investor presentations and conference calls by executives of some two dozen US-based banks by The New York Times found that "few [banks] cited lending as a priority.

An overwhelming majority saw the bailout program as a no-strings-attached windfall that could be used to pay down debt, acquire other businesses, or invest for the future. From Wikipedia, the free encyclopedia. This article is about one division of an enacted statute. For the entire statute, see Public Law For the enacted rescue program, see Troubled Asset Relief Program.

This article uses bare URLs , which may be threatened by link rot. Please consider converting them to full citations to ensure the article remains verifiable and maintains a consistent citation style. Several templates and tools are available to assist in formatting, such as reFill documentation. September Learn how and when to remove this template message. In an open letter sent to Congress on September 24, over university economists expressed "great concern for the plan proposed by Treasury Secretary Paulson".

The letter, endorsed within a few days by economists at American universities, has been described as "the emerging consensus from academic economists".

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When you lend money or you essentially give money to one of these banks that have all of these other bad liabilities, your money's essentially just being poured into a black hole and there's no assurance that that bank is going to go and then lend that money to other people, and go to main street.

But if you inject it into a bank with a completely pristine balance sheet, a new bank -- you could call it you know the Bank of Washington, the Bank of Jefferson. And I would actually recommend having multiple banks, just so you have competition and you don't have that too big to fail problem.

But these banks, they would have pristine balance sheets, and they would go out and make loans, and they would go out and make loans wherever it is most prudent. And maybe the government issues million shares of each of those banks, and every American man, woman, and child gets one share of each of those banks. I think that would have a very powerful political statement. And it actually would make economic sense. All of a sudden you would have the American people are now the owners of the banking system, instead of this concentrated wealth that's really formed over the past years in the old banking system.

And then, you know, he goes on to point out some other things. Sure, the more current banks would fail probably quicker, and we all know that's a good thing. What happened in Japan? What happened in Japan is we kept infusing capital into-- well, we didn't, the Japanese government kept infusing-- or either did it themselves or coaxed other people to infuse capital into banks that were essentially zombie banks, that were insolvent, and just slowed down.

It slowed down the downfall, and essentially led to their lost decade. So he says, you know, more banks would fail, but many of them probably would be deserve to fail, and the financial system would be preserved. I agree with him completely.

If the new bank wants to lend new money to new borrowers, it can. Or if it thinks it will make more money buying up old loans, like the CDOs or the residential mortgage backed securities, at a deep discount, it can do this too. But it will be making a clear economic profit decision.

And I'd add-- just so that we make sure that the management of these new entities, so that they are aligned with profit-making as opposed to bailing out their own previous past bad decisions, or bailing out the people who they used to work with-- I would try to not put these banks in New York.

Maybe you put them in Detroit and New Orleans and Stockton, California, which is the foreclosure capital of the world, of the country. Put them in places that are separate from Wall Street. Hire very intelligent people who have some distance from what has happened the last five, six years in Michigan. And I'll tell you, there are tons and tons of very competent, very intelligent managers who understand these issues deeply in this country.

Unfortunately, a lot of them haven't been heads of banks lately. In fact, I think many of them would do it out of patriotic duty. You, as the new employees of these new American banks that are owned by the American people-- and they can be traded on an exchange, so it's essentially immediately privatized. It's never owned by the government. It's immediately owned by the private sector, by the American people, not by the government.

When I say American people, it's literally owned by private individuals, not by the government. And that's actually a huge number, that actually might be too much. But you'll be able to hire excellent managers, especially considering how many people are getting laid off right now, very intelligent people because of bad, risky decisions made by others.

But then he finishes up, I recognize this will be less politically popular among banking lobbyists, but see it as a much better way to, one, protect the financial system-- I agree with him completely-- two, minimize the risk, maximize the reward to the U. And he welcomes any comments, criticisms. And I think it's interesting, he started off the idea, he says, "The problem is this sort of plan would be political suicide, with key financial donors to political campaigns.

Unfortunately-- I think this is a good idea, but I think the current old banking system has a much more receptive ear of our government unfortunately, than I, or Todd, or frankly the American people seem to have right now.

But anyway, I was kind of parsing Todd's email. Let me actually draw out a plan of what this would be. You want competition. You don't want to have this too big to fail problem. If you do what? So let's do that. Put it in 70 different banks.

Or maybe do it in 50 different banks, one bank for each state of the country. I mean, that sounds crazy, but when you think about what the government was originally-- Actually, let's do 50 banks. I like the sound of that.

One bank in every state, right? And they're not all concentrated in New York, and they're not, you know, so you get fresh thought, fresh blood in them. And they might actually hire people that are getting laid off in the manufacturing sector or the real estate sector or whatever.

You take 50 different banks. You capitalize them each with what? And they're going to have million shares, one for every American. And if they don't like the holding shares, they can sell them. They'll all IPO on the exchanges. And then these will be member banks of the Fed. And so they'll be regulated, but they can lever up 10 to one. If they see good returns, good economic investment in Main Street, they'll do it there.

If they think that some of the existing banks are actually good credit risks, that they could lend maybe to J. Morgan, or Bank of America, they'll do it. And so it's losing control over that notion of what banks lend to each other at.

And I don't think that's a crazy interest rate. In , housing prices started to fall for the first time in decades. At first, realtors applauded. They thought the overheated real estate market would return to a more sustainable level. Some blamed the Community Reinvestment Act , which pushed banks to make investments in subprime areas.

Several studies by the Federal Reserve found it did not increase risky lending. Others blamed Fannie Mae and Freddie Mac for the entire crisis. To them, the solution is to close or privatize the two agencies. If they were shut down, the housing market would collapse because they guarantee the majority of mortgages. Two laws deregulated the financial system. They allowed banks to invest in housing-related derivatives. These complicated financial products were so profitable they encouraged banks to lend to ever-riskier borrowers.

This instability led to the crisis. Bank lobbyists said they needed this change to compete with foreign firms. They promised to only invest in low-risk securities to protect their customers. As banks chased the profitable derivative market, they didn't keep this promise. The Commodity Futures Modernization Act exempted derivatives from regulatory oversight. It also overruled any state regulations. Big banks had the resources to manage these complicated derivatives.

Among these products, mortgage-backed securities MBS had the most impact on the housing market. The profitability of MBS created more demand for the mortgages they were based upon. The banks had chopped up the original mortgages and resold them in tranches , making the derivatives impossible to price. Hedge funds and other financial institutions around the world owned the mortgage-backed securities, but they were also in mutual funds, corporate assets, and pension funds. Stodgy pension funds bought these risky assets because they thought an insurance product called credit default swaps protected them.

Insurance company American Insurance Group AIG sold these swaps, and when the derivatives lost value, they didn't have enough cash flow to honor all the swaps. In , banks began to panic once they realized they would have to absorb the losses, and they stopped lending to each other. They didn't want other banks to give them worthless mortgages as collateral, and as a result, interbank borrowing costs, called Libor, rose.

The Federal Reserve began pumping liquidity into the banking system via the Term Auction Facility, but that wasn't enough. The chart below shows a breakdown of how much the financial crisis cost. The financial crisis timeline began in March , when investors sold off their shares of investment bank Bear Stearns because it had too many of the toxic assets.

The situation on Wall Street deteriorated throughout the summer of On September 17, , the crisis created a run on money market funds where companies parked excess cash to earn interest on it overnight, and banks then used those funds to make short-term loans. If the nation's money market accounts had gone bankrupt, business activities and the economy would have ground to a halt. That crisis called for massive government intervention.

Their fast response helped stopped the run, but Republicans blocked the bill for two weeks because they didn't want to bail out banks. They only approved the bill on Oct. It did this by buying shares of the companies it bailed out when prices were low and wisely selling them when prices were high. The TARP funds helped in five areas:. Instead, he asked Congress for an economic stimulus package. On February 17, , he signed the American Recovery and Reinvestment Act, which included tax cuts, stimulus checks, and public works spending.

It also allows the Fed to reduce bank size for those that become too big to fail. Meanwhile, banks keep getting bigger and are pushing to minimize or get rid of even this regulation. The financial crisis of proved that banks could not regulate themselves.

Without government oversight like Dodd-Frank, they could create another global crisis. Securitization, or the bundling and reselling of loans, has spread to more than just housing.

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