id stringlengths 24 24 | question stringlengths 1 270 | answer stringlengths 1 239 | documents listlengths 1 1 |
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573260db0fdd8d15006c6a67 | When housing prices declined, who reported significant losses from being heavily invested in subprime MBS? | major global financial institutions | [
"Financial_crisis_of_2007%E2%80%9308\n\nAs part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation ena... |
573260db0fdd8d15006c6a68 | Who could invest in the U.S. housing market through MBS and CDO? | institutions and investors around the world | [
"Financial_crisis_of_2007%E2%80%9308\n\nAs part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation ena... |
573260db0fdd8d15006c6a69 | MBS and CDO derive their value from? | mortgage payments and housing prices | [
"Financial_crisis_of_2007%E2%80%9308\n\nAs part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation ena... |
573263d4b9d445190005eadb | What year did the foreclosure epidemic begin? | late 2006 | [
"Financial_crisis_of_2007%E2%80%9308\n\nFalling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of ba... |
573263d4b9d445190005eadc | How much are total losses estimated to be from falling home prices? | trillions of U.S. dollars | [
"Financial_crisis_of_2007%E2%80%9308\n\nFalling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of ba... |
573263d4b9d445190005eadd | What is the financial incentive when a home is worth less than the mortgage loan? | foreclosure | [
"Financial_crisis_of_2007%E2%80%9308\n\nFalling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of ba... |
573263d4b9d445190005eade | What other financial instruments had significant defaults and losses as a result of the crisis expanding from housing to other parts of the economy? | other loan types | [
"Financial_crisis_of_2007%E2%80%9308\n\nFalling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of ba... |
573263d4b9d445190005eadf | What continues to drain consumer wealth and erode the strength of banks? | foreclosure epidemic | [
"Financial_crisis_of_2007%E2%80%9308\n\nFalling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of ba... |
57329eb1cc179a14009dab72 | What institutions comprise the shadow banking system? | investment banks and hedge funds | [
"Financial_crisis_of_2007%E2%80%9308\n\nWhile the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage busines... |
57329eb1cc179a14009dab73 | What institutions are not subject to the same regulations as commercial banks? | investment banks and hedge funds | [
"Financial_crisis_of_2007%E2%80%9308\n\nWhile the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage busines... |
57329eb1cc179a14009dab74 | What process caused the financial system to both expand and become fragile? | financialization | [
"Financial_crisis_of_2007%E2%80%9308\n\nWhile the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage busines... |
57329eb1cc179a14009dab75 | What policy has U.S. Government emphasized from the 1970's onward? | deregulation | [
"Financial_crisis_of_2007%E2%80%9308\n\nWhile the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage busines... |
57329eb1cc179a14009dab76 | Since the 1970's, what has emphasized deregulation to encourage business, but resulted in less oversight and less disclosure? | U.S. Government policy | [
"Financial_crisis_of_2007%E2%80%9308\n\nWhile the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage busines... |
5732a8641d5d2e14009ff885 | Some regulated banks did not have sufficient financial cushions in place to absorb what losses as a result of the financial crisis of 2007? | MBS | [
"Financial_crisis_of_2007%E2%80%9308\n\nThese institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financ... |
5732a8641d5d2e14009ff886 | What was a consequence of the large loan defaults and MBS losses in 2007? | slowing economic activity | [
"Financial_crisis_of_2007%E2%80%9308\n\nThese institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financ... |
5732a8641d5d2e14009ff887 | Who provided funds to encourage lending and restore faith in commercial banks in the aftermath of the financial crisis of 2007? | central banks | [
"Financial_crisis_of_2007%E2%80%9308\n\nThese institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financ... |
5732a8641d5d2e14009ff888 | Who bailed out key financial institutions and implemented economic stimulus programs as an answer to the financial crisis of 2007? | Governments | [
"Financial_crisis_of_2007%E2%80%9308\n\nThese institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financ... |
5732a8641d5d2e14009ff889 | What impacted the ability of financial institutions to lend in the financial crisis of 2007? | large loan defaults or MBS losses | [
"Financial_crisis_of_2007%E2%80%9308\n\nThese institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financ... |
5732aa5bcc179a14009dabdc | When did the U.S. Financial Crisis Inquiry Commission report its findings? | January 2011 | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramat... |
5732aa5bcc179a14009dabdd | What was one of the conclusions of the U.S. Financial Crisis Inquiry Commission regarding the financial crisis of 2007? | the crisis was avoidable and was caused by: widespread failures in financial regulation | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramat... |
5732aa5bcc179a14009dabde | What agency failed to stem the tide of toxic mortgages contributing to the financial crisis of 2007? | Federal Reserve | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramat... |
5732aa5bcc179a14009dabdf | Who was not prepared for the financial crisis in 2007 by lacking a full understanding of the financial system? | key policy makers | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramat... |
5732aa5bcc179a14009dabe0 | Which business sector contributed to the financial crisis by acting recklessly and taking on too much risk? | financial firms | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that \"the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramat... |
5732ac07328d981900601ffd | What caused mortgage lenders to relax underwriting standards and approve riskier mortgages? | tough competition | [
"Financial_crisis_of_2007%E2%80%9308\n\nDuring a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view ... |
5732ac07328d981900601ffe | In what year were high underwriting standards relaxed? | 2003 | [
"Financial_crisis_of_2007%E2%80%9308\n\nDuring a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view ... |
5732ac07328d981900601fff | What years were the worst mortgage loans originated? | 2004–2007 | [
"Financial_crisis_of_2007%E2%80%9308\n\nDuring a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view ... |
5732ac07328d981900602000 | What years had the most intense competition between securitizers and the lowest market share for GSEs? | 2004–2007 | [
"Financial_crisis_of_2007%E2%80%9308\n\nDuring a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view ... |
5732ac07328d981900602001 | Who policed mortgage originators and maintained relatively high standards prior to 2003? | government-sponsored enterprises (GSEs) | [
"Financial_crisis_of_2007%E2%80%9308\n\nDuring a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view ... |
5732add9cc179a14009dabf0 | How many Democratic appointees wrote the majority report of the Financial Crisis Inquiry Commission? | six | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend th... |
5732add9cc179a14009dabf1 | Who claimed that the GSE never purchased subprime loans - a claim that is widely disputed? | Paul Krugman | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend th... |
5732add9cc179a14009dabf2 | Several reports written by various agencies concluded that which policy was not the primary cause of the financial crisis? | government affordable housing policy | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend th... |
5732add9cc179a14009dabf3 | How many Republican appointees wrote the minority report of the Financial Crisis Inquiry Commission? | 4 | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend th... |
5732add9cc179a14009dabf4 | According to reports, which loans performed better than some loans securitized by private investment banks? | GSE loans | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend th... |
5732afd2328d981900602007 | Which government-sponsored entities had massive risky loan purchases? | Fannie Mae and Freddie Mac | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by H... |
5732afd2328d981900602008 | How many estimated substandard loans did Fannie and Freddie have in 2008? | 13 million | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by H... |
5732afd2328d981900602009 | What was the value of the estimated 13 million substandard loans held by Fannie and Freddie in 2008? | over $2 trillion | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by H... |
5732afd2328d98190060200a | How many ex-executives of Fannie and Freddie were named in the SEC's December 2011 securities fraud case? | 6 | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by H... |
5732afd2328d98190060200b | Peter J. Wallison believes that the one of the roots of the financial crisis can be traced to affordable housing policies by which agency in the 1990s? | HUD | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by H... |
5732b191d6dcfa19001e8a7c | Which administration called for investigation into the soundness of GSEs in the early and mid-2000s? | Bush administration | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging... |
5732b191d6dcfa19001e8a7d | Who uncovered accounting discrepancies in Fannie Mae and Freddie Mac? | Office of Federal Housing Enterprise Oversight (OFHEO) | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging... |
5732b191d6dcfa19001e8a7e | On what date did the House Financial Services Committee hold a hearing to assess safety and soundness issues regarding Fannie Mae and Freddie Mac? | September 10, 2003 | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging... |
5732b191d6dcfa19001e8a7f | What was the result of the House Financial Services Committee on September 10, 2003 regarding Fannie Mae and Freddie Mac? | The hearings never resulted in new legislation or formal investigation | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging... |
5732b191d6dcfa19001e8a80 | Who rebuked OFHEO in 2003 for their attempt at regulation of Fannie Mae and Freddie Mac? | House Financial Services Committee | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging... |
5732b3a5328d981900602017 | What was the value of mortgage lending made by Community Reinvestment Act covered lenders to low and mid level income borrowers and neighborhoods from 1993-1998? | $467 billion | [
"Financial_crisis_of_2007%E2%80%9308\n\nA 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage lending was made by Community Reinvestment Act (CRA)-covered lenders into low and mid level income (LMI) borrowers and neighborhoods, ... |
5732b3a5328d981900602018 | What percent of mortgage lending was made by Community Reinvestment Act covered lenders from 1993 to 1998? | 10% | [
"Financial_crisis_of_2007%E2%80%9308\n\nA 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage lending was made by Community Reinvestment Act (CRA)-covered lenders into low and mid level income (LMI) borrowers and neighborhoods, ... |
5732b3a5328d981900602019 | What does CRA stand for? | Community Reinvestment Act | [
"Financial_crisis_of_2007%E2%80%9308\n\nA 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage lending was made by Community Reinvestment Act (CRA)-covered lenders into low and mid level income (LMI) borrowers and neighborhoods, ... |
5732b3a5328d98190060201a | What percent of sub-prime lending occurred at CRA-covered institutions in the run-up to the financial crisis? | 25% | [
"Financial_crisis_of_2007%E2%80%9308\n\nA 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage lending was made by Community Reinvestment Act (CRA)-covered lenders into low and mid level income (LMI) borrowers and neighborhoods, ... |
5732b3a5328d98190060201b | What percent of sub-prime loans had some connection with CRA in the run-up to the financial crisis? | 25% | [
"Financial_crisis_of_2007%E2%80%9308\n\nA 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage lending was made by Community Reinvestment Act (CRA)-covered lenders into low and mid level income (LMI) borrowers and neighborhoods, ... |
5732b589cc179a14009dac1e | When did CRA make rule changes to relax underwriting standards? | 1995 | [
"Financial_crisis_of_2007%E2%80%9308\n\nTo other analysts the delay between CRA rule changes (in 1995) and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the u... |
5732b589cc179a14009dac1f | How much were CRA loan commitments between 1994 and 2007? | $4.5 trillion | [
"Financial_crisis_of_2007%E2%80%9308\n\nTo other analysts the delay between CRA rule changes (in 1995) and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the u... |
5732b589cc179a14009dac20 | What was the Federal Reserve's assumption regarding what makes a loan subprime? | high-interest-rate loans (3 percentage points over average) | [
"Financial_crisis_of_2007%E2%80%9308\n\nTo other analysts the delay between CRA rule changes (in 1995) and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the u... |
5732b589cc179a14009dac21 | How did the Federal Reserve classify CRA loans? | prime | [
"Financial_crisis_of_2007%E2%80%9308\n\nTo other analysts the delay between CRA rule changes (in 1995) and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the u... |
5732b589cc179a14009dac22 | When were ultra-low interest rates initiated by the Federal Reserve? | after the terrorist attack on September 11, 2001 | [
"Financial_crisis_of_2007%E2%80%9308\n\nTo other analysts the delay between CRA rule changes (in 1995) and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the u... |
5732b89acc179a14009dac32 | What financial innovation enabled investment banks and hedge funds to make large wagers? | credit default swaps, collateralized debt obligations and synthetic CDOs. | [
"Financial_crisis_of_2007%E2%80%9308\n\nOthers have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that \"There weren’t enough Americans with [bad] credit taking out [bad loans] to sat... |
5732b89acc179a14009dac33 | Credit default swaps, collateralized debt obligations and CDOS are all types of what? | derivatives | [
"Financial_crisis_of_2007%E2%80%9308\n\nOthers have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that \"There weren’t enough Americans with [bad] credit taking out [bad loans] to sat... |
5732b89acc179a14009dac34 | Which magazine had an article where Michael Lewis spoke with a trader about bad loans? | Portfolio Magazine | [
"Financial_crisis_of_2007%E2%80%9308\n\nOthers have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that \"There weren’t enough Americans with [bad] credit taking out [bad loans] to sat... |
5732b89acc179a14009dac35 | What financial innovation allows investment banks and hedge banks to make large wagers? | derivatives | [
"Financial_crisis_of_2007%E2%80%9308\n\nOthers have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that \"There weren’t enough Americans with [bad] credit taking out [bad loans] to sat... |
5732b89acc179a14009dac36 | What are some names of derivatives? | credit default swaps, collateralized debt obligations and synthetic CDOs | [
"Financial_crisis_of_2007%E2%80%9308\n\nOthers have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that \"There weren’t enough Americans with [bad] credit taking out [bad loans] to sat... |
5732bad2cc179a14009dac3c | Peter J. Wallison believes that the huge number of these loans led to the financial crisis? | substandard | [
"Financial_crisis_of_2007%E2%80%9308\n\nCountering Krugman, Peter J. Wallison wrote: \"It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates.\" Wallison notes that other developed countries had \"large bubbles during the 1997–2007 period\" but \"the loss... |
5732bad2cc179a14009dac3d | What type downpayments do substandard loans generally have? | low or no downpayments | [
"Financial_crisis_of_2007%E2%80%9308\n\nCountering Krugman, Peter J. Wallison wrote: \"It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates.\" Wallison notes that other developed countries had \"large bubbles during the 1997–2007 period\" but \"the loss... |
5732bad2cc179a14009dac3e | According to Peter J. Wallison, why did the U.S. residential housing bubble led to financial crisis? | it was supported by a huge number of substandard loans | [
"Financial_crisis_of_2007%E2%80%9308\n\nCountering Krugman, Peter J. Wallison wrote: \"It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates.\" Wallison notes that other developed countries had \"large bubbles during the 1997–2007 period\" but \"the loss... |
5732bad2cc179a14009dac3f | Other countries had large residential housing bubbles that deflated during what years? | 1997–2007 | [
"Financial_crisis_of_2007%E2%80%9308\n\nCountering Krugman, Peter J. Wallison wrote: \"It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates.\" Wallison notes that other developed countries had \"large bubbles during the 1997–2007 period\" but \"the loss... |
5732bad2cc179a14009dac40 | Peter J. Wallison's conclusions regarding the financial crisis are not in agreement with this economist's views? | Krugman | [
"Financial_crisis_of_2007%E2%80%9308\n\nCountering Krugman, Peter J. Wallison wrote: \"It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates.\" Wallison notes that other developed countries had \"large bubbles during the 1997–2007 period\" but \"the loss... |
57332627d058e614000b5744 | Who believed that the growth of the commercial real estate bubble indicated that U.S. housing policy was not the cause of the crisis? | Krugman | [
"Financial_crisis_of_2007%E2%80%9308\n\nKrugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anth... |
57332627d058e614000b5745 | When did Xudong An and Anthony B. Sanders issue a report about commercial mortgage-backed securities? | December 2010 | [
"Financial_crisis_of_2007%E2%80%9308\n\nKrugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anth... |
57332627d058e614000b5746 | According to business journalist Kimberly Amadeo, when did the first signs of decline in real estate occur? | 2006 | [
"Financial_crisis_of_2007%E2%80%9308\n\nKrugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anth... |
57332627d058e614000b5747 | What are CMBS? | commercial mortgage-backed securities | [
"Financial_crisis_of_2007%E2%80%9308\n\nKrugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anth... |
57332627d058e614000b5748 | According to most analysts, what crisis took place after the crisis in residential real estate? | the crisis in commercial real estate | [
"Financial_crisis_of_2007%E2%80%9308\n\nKrugman's contention (that the growth of a commercial real estate bubble indicates that U.S. housing policy was not the cause of the crisis) is challenged by additional analysis. After researching the default of commercial loans during the financial crisis, Xudong An and Anth... |
573328a6d058e614000b574e | What is one investment assigned safe ratings by the credit rating agencies? | collateralized debt obligation | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn a Peabody Award winning program, NPR correspondents argued that a \"Giant Pool of Money\" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly ... |
573328a6d058e614000b574f | How much was invested worldwide in fixed income investments? | $70 trillion | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn a Peabody Award winning program, NPR correspondents argued that a \"Giant Pool of Money\" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly ... |
573328a6d058e614000b5750 | How much did the pool of money invested worldwide in fixed income investments grow in size from 2000 to 2007? | roughly doubled in size | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn a Peabody Award winning program, NPR correspondents argued that a \"Giant Pool of Money\" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly ... |
573328a6d058e614000b5751 | What is an example of a product Wall Street invented to answer the demand for income generating investments? | mortgage-backed security | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn a Peabody Award winning program, NPR correspondents argued that a \"Giant Pool of Money\" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly ... |
573328a6d058e614000b5752 | In the 2000s, investors were seeking higher yields than those offered by this investment? | U.S. Treasury bonds | [
"Financial_crisis_of_2007%E2%80%9308\n\nIn a Peabody Award winning program, NPR correspondents argued that a \"Giant Pool of Money\" (represented by $70 trillion in worldwide fixed income investments) sought higher yields than those offered by U.S. Treasury bonds early in the decade. This pool of money had roughly ... |
57332ba74776f41900660730 | What is the name of the securities that enabled financial institutions to obtain investor funds to finance subprime? | collateralized debt obligation | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages ... |
57332ba74776f41900660731 | What was the outcome of collateralized debt obligations? | extending or increasing the housing bubble | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages ... |
57332ba74776f41900660732 | What type ratings did securities first in line receive from rating agencies? | investment-grade ratings | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages ... |
57332ba74776f41900660733 | What type pool do collateralized debt obligations place their payments from mortgages into? | single pool | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages ... |
57332ba74776f41900660734 | What securities had lower credit ratings but potentially a higher rate of return? | Securities with lower priority | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe collateralized debt obligation in particular enabled financial institutions to obtain investor funds to finance subprime and other lending, extending or increasing the housing bubble and generating large fees. This essentially places cash payments from multiple mortgages ... |
57332d064776f4190066074e | How much had average U.S. housing prices declined by September 2008? | over 20% | [
"Financial_crisis_of_2007%E2%80%9308\n\nBy September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2... |
57332d064776f4190066074f | When was the peak of U.S. housing prices? | mid-2006 | [
"Financial_crisis_of_2007%E2%80%9308\n\nBy September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2... |
57332d064776f41900660750 | How many foreclosure proceedings were initiated by lenders in 2007? | nearly 1.3 million | [
"Financial_crisis_of_2007%E2%80%9308\n\nBy September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2... |
57332d064776f41900660751 | What was the percentage increase on foreclosure proceedings from 2007 to 2008? | 81% | [
"Financial_crisis_of_2007%E2%80%9308\n\nBy September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2... |
57332d064776f41900660752 | How many U.S. mortgages were either delinquent or in foreclosure by September 2009? | 14.4% | [
"Financial_crisis_of_2007%E2%80%9308\n\nBy September 2008, average U.S. housing prices had declined by over 20% from their mid-2006 peak. As prices declined, borrowers with adjustable-rate mortgages could not refinance to avoid the higher payments associated with rising interest rates and began to default. During 2... |
573332054776f41900660774 | Was was the federal funds rate target lowered to by the Federal Reserve in 2003? | 1.0% | [
"Financial_crisis_of_2007%E2%80%9308\n\nLower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat ... |
573332054776f41900660775 | What is one reason the Federal Reserve lowered the federal funds rate target to 1.0% in 2003? | to combat a perceived risk of deflation | [
"Financial_crisis_of_2007%E2%80%9308\n\nLower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat ... |
573332054776f41900660776 | In the early 2000s, what type bubble did some economists believe the Fed needed to create to replace the Nasdaq bubble? | a housing bubble | [
"Financial_crisis_of_2007%E2%80%9308\n\nLower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat ... |
573332054776f41900660777 | What contributed greatly to the severity of the financial crisis of 2007? | excessive credit growth | [
"Financial_crisis_of_2007%E2%80%9308\n\nLower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat ... |
573332054776f41900660778 | What encouraged borrowing from 2000 to 2003? | Lower interest rates | [
"Financial_crisis_of_2007%E2%80%9308\n\nLower interest rates encouraged borrowing. From 2000 to 2003, the Federal Reserve lowered the federal funds rate target from 6.5% to 1.0%. This was done to soften the effects of the collapse of the dot-com bubble and the September 2001 terrorist attacks, as well as to combat ... |
573334094776f41900660786 | Per Bernanke, how much did the U.S. current account deficit increase between 1996 and 2004? | $650 billion | [
"Financial_crisis_of_2007%E2%80%9308\n\nBernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were m... |
573334094776f41900660787 | What percentage of GDP was the U.S. current account deficit in 2004? | 5.8% | [
"Financial_crisis_of_2007%E2%80%9308\n\nBernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were m... |
573334094776f41900660788 | What emerging economies did the U.S. borrow money from between 1996 and 2004 to finance its imports? | Asia and oil-exporting nations | [
"Financial_crisis_of_2007%E2%80%9308\n\nBernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were m... |
573334094776f41900660789 | What type account is needed by the U.S. to balance an account deficit? | capital account | [
"Financial_crisis_of_2007%E2%80%9308\n\nBernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were m... |
573334094776f4190066078a | Where did the U.S. obtain capital to finance its imports? | foreign funds | [
"Financial_crisis_of_2007%E2%80%9308\n\nBernanke explained that between 1996 and 2004, the U.S. current account deficit increased by $650 billion, from 1.5% to 5.8% of GDP. Financing these deficits required the country to borrow large sums from abroad, much of it from countries running trade surpluses. These were m... |
573335cbd058e614000b5780 | When did the Fed begin raising Fed funds rate significantly? | July 2004 | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to th... |
573335cbd058e614000b5781 | What does ARM stand for: | adjustable-rate mortgage | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to th... |
573335cbd058e614000b5782 | How do asset prices generally move in relation to interest rates? | inversely | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to th... |
573335cbd058e614000b5783 | Beginning in July 2004, what did the Fed do to make ARM rates more expensive for homeowners? | raised the Fed funds rate | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to th... |
573335cbd058e614000b5784 | How did U.S. housing and financial assets react to the housing bubble burst? | dramatically declined in value | [
"Financial_crisis_of_2007%E2%80%9308\n\nThe Fed then raised the Fed funds rate significantly between July 2004 and July 2006. This contributed to an increase in 1-year and 5-year adjustable-rate mortgage (ARM) rates, making ARM interest rate resets more expensive for homeowners. This may have also contributed to th... |
573337db4776f41900660798 | Richard M. Bowen III testified to the Financial Crisis Inquiry Commission regarding his tenure at which financial institution? | Citigroup | [
"Financial_crisis_of_2007%E2%80%9308\n\nTestimony given to the Financial Crisis Inquiry Commission by Richard M. Bowen III on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for Citigroup (where he was responsible for over 220 professional underwrit... |
573337db4776f41900660799 | How many underwriters was Richard M. Bowen III responsible for at Citigroup? | 220 | [
"Financial_crisis_of_2007%E2%80%9308\n\nTestimony given to the Financial Crisis Inquiry Commission by Richard M. Bowen III on events during his tenure as the Business Chief Underwriter for Correspondent Lending in the Consumer Lending Group for Citigroup (where he was responsible for over 220 professional underwrit... |
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