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Guaranteed to Fail by Lawrence J. White, Viral V. Acharya, Stijn van Nieuwerburgh, Matthew Richardson

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END OF DAYS

In come the waves: The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops.

Economist, June 16, 2005

As of December 2007, five months after the financial crisis started but nine months before the financial system collapsed, the two largest government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, looked quite different from how they did a decade earlier in 1997.

For example, in 1997, with $21 billion of shareholder equity, and a $481 billion portfolio of mortgages and $1.06 trillion of mortgage-backed security (MBS) guarantees, supported by $256 billion of notional ...

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