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Financial Crisis Inquiry Report, Authorized Edition by Financial Crisis Inquiry Commission

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14
LATE 2007 TO EARLY 2008: BILLIONS IN SUBPRIME LOSSES
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While a handful of banks were bailing out their money market funds and commercial paper programs in the fall of 2007, the financial sector faced a larger problem: billions of dollars in mortgage-related losses on loans, securities, and derivatives, with no end in sight. Among U.S. firms, Citigroup and Merrill Lynch reported the most spectacular losses, largely because of their extensive collateralized debt obligation (CDO) businesses, writing down a total of $23.8 billion and $24.7 billion, respectively, by the end of the year. Billions more in losses were reported by large financial institutions ...

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