The trade group Mortgage Bankers Association has released a paper outlining everything the mortgage industry did to help cause the collapse of the market, according to the WSJ. On the laundry list: "Amid the drive for bigger profits, managers in loan-production departments were able to shout down risk managers...partly because business managers had lots of hard data on current profitability of mortgages, while risk managers could offer only a fuzzy range of uncertain outcomes." [WSJ]
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