id stringlengths 24 24 | title stringclasses 442
values | context stringlengths 151 3.71k | question stringlengths 12 270 | answers dict |
|---|---|---|---|---|
5732b589cc179a14009dac22 | Financial_crisis_of_2007%E2%80%9308 | To 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 ultra-low interest rates initiated by the Fed... | When were ultra-low interest rates initiated by the Federal Reserve? | {
"answer_start": [
333
],
"text": [
"after the terrorist attack on September 11, 2001"
]
} |
5732b89acc179a14009dac32 | Financial_crisis_of_2007%E2%80%9308 | Others 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 satisfy investors' appetite for the end product.... | What financial innovation enabled investment banks and hedge funds to make large wagers? | {
"answer_start": [
516
],
"text": [
"credit default swaps, collateralized debt obligations and synthetic CDOs."
]
} |
5732b89acc179a14009dac33 | Financial_crisis_of_2007%E2%80%9308 | Others 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 satisfy investors' appetite for the end product.... | Credit default swaps, collateralized debt obligations and CDOS are all types of what? | {
"answer_start": [
497
],
"text": [
"derivatives"
]
} |
5732b89acc179a14009dac34 | Financial_crisis_of_2007%E2%80%9308 | Others 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 satisfy investors' appetite for the end product.... | Which magazine had an article where Michael Lewis spoke with a trader about bad loans? | {
"answer_start": [
125
],
"text": [
"Portfolio Magazine"
]
} |
5732b89acc179a14009dac35 | Financial_crisis_of_2007%E2%80%9308 | Others 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 satisfy investors' appetite for the end product.... | What financial innovation allows investment banks and hedge banks to make large wagers? | {
"answer_start": [
497
],
"text": [
"derivatives"
]
} |
5732b89acc179a14009dac36 | Financial_crisis_of_2007%E2%80%9308 | Others 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 satisfy investors' appetite for the end product.... | What are some names of derivatives? | {
"answer_start": [
516
],
"text": [
"credit default swaps, collateralized debt obligations and synthetic CDOs"
]
} |
5732bad2cc179a14009dac3c | Financial_crisis_of_2007%E2%80%9308 | Countering 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 losses associated with mortgage delinquencies and def... | Peter J. Wallison believes that the huge number of these loans led to the financial crisis? | {
"answer_start": [
633
],
"text": [
"substandard"
]
} |
5732bad2cc179a14009dac3d | Financial_crisis_of_2007%E2%80%9308 | Countering 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 losses associated with mortgage delinquencies and def... | What type downpayments do substandard loans generally have? | {
"answer_start": [
668
],
"text": [
"low or no downpayments"
]
} |
5732bad2cc179a14009dac3e | Financial_crisis_of_2007%E2%80%9308 | Countering 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 losses associated with mortgage delinquencies and def... | According to Peter J. Wallison, why did the U.S. residential housing bubble led to financial crisis? | {
"answer_start": [
596
],
"text": [
"it was supported by a huge number of substandard loans"
]
} |
5732bad2cc179a14009dac3f | Financial_crisis_of_2007%E2%80%9308 | Countering 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 losses associated with mortgage delinquencies and def... | Other countries had large residential housing bubbles that deflated during what years? | {
"answer_start": [
240
],
"text": [
"1997–2007"
]
} |
5732bad2cc179a14009dac40 | Financial_crisis_of_2007%E2%80%9308 | Countering 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 losses associated with mortgage delinquencies and def... | Peter J. Wallison's conclusions regarding the financial crisis are not in agreement with this economist's views? | {
"answer_start": [
11
],
"text": [
"Krugman"
]
} |
57332627d058e614000b5744 | Financial_crisis_of_2007%E2%80%9308 | Krugman'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 Anthony B. Sanders reported (in December 2010): ... | Who believed that the growth of the commercial real estate bubble indicated that U.S. housing policy was not the cause of the crisis? | {
"answer_start": [
0
],
"text": [
"Krugman"
]
} |
57332627d058e614000b5745 | Financial_crisis_of_2007%E2%80%9308 | Krugman'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 Anthony B. Sanders reported (in December 2010): ... | When did Xudong An and Anthony B. Sanders issue a report about commercial mortgage-backed securities? | {
"answer_start": [
304
],
"text": [
"December 2010"
]
} |
57332627d058e614000b5746 | Financial_crisis_of_2007%E2%80%9308 | Krugman'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 Anthony B. Sanders reported (in December 2010): ... | According to business journalist Kimberly Amadeo, when did the first signs of decline in real estate occur? | {
"answer_start": [
742
],
"text": [
"2006"
]
} |
57332627d058e614000b5747 | Financial_crisis_of_2007%E2%80%9308 | Krugman'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 Anthony B. Sanders reported (in December 2010): ... | What are CMBS? | {
"answer_start": [
386
],
"text": [
"commercial mortgage-backed securities"
]
} |
57332627d058e614000b5748 | Financial_crisis_of_2007%E2%80%9308 | Krugman'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 Anthony B. Sanders reported (in December 2010): ... | According to most analysts, what crisis took place after the crisis in residential real estate? | {
"answer_start": [
517
],
"text": [
"the crisis in commercial real estate"
]
} |
573328a6d058e614000b574e | Financial_crisis_of_2007%E2%80%9308 | In 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 doubled in size from 2000 to 2007, yet the sup... | What is one investment assigned safe ratings by the credit rating agencies? | {
"answer_start": [
509
],
"text": [
"collateralized debt obligation"
]
} |
573328a6d058e614000b574f | Financial_crisis_of_2007%E2%80%9308 | In 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 doubled in size from 2000 to 2007, yet the sup... | How much was invested worldwide in fixed income investments? | {
"answer_start": [
107
],
"text": [
"$70 trillion"
]
} |
573328a6d058e614000b5750 | Financial_crisis_of_2007%E2%80%9308 | In 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 doubled in size from 2000 to 2007, yet the sup... | How much did the pool of money invested worldwide in fixed income investments grow in size from 2000 to 2007? | {
"answer_start": [
266
],
"text": [
"roughly doubled in size"
]
} |
573328a6d058e614000b5751 | Financial_crisis_of_2007%E2%80%9308 | In 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 doubled in size from 2000 to 2007, yet the sup... | What is an example of a product Wall Street invented to answer the demand for income generating investments? | {
"answer_start": [
476
],
"text": [
"mortgage-backed security"
]
} |
573328a6d058e614000b5752 | Financial_crisis_of_2007%E2%80%9308 | In 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 doubled in size from 2000 to 2007, yet the sup... | In the 2000s, investors were seeking higher yields than those offered by this investment? | {
"answer_start": [
202
],
"text": [
"U.S. Treasury bonds"
]
} |
57332ba74776f41900660730 | Financial_crisis_of_2007%E2%80%9308 | The 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 or other debt obligations into a single pool... | What is the name of the securities that enabled financial institutions to obtain investor funds to finance subprime? | {
"answer_start": [
4
],
"text": [
"collateralized debt obligation"
]
} |
57332ba74776f41900660731 | Financial_crisis_of_2007%E2%80%9308 | The 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 or other debt obligations into a single pool... | What was the outcome of collateralized debt obligations? | {
"answer_start": [
144
],
"text": [
"extending or increasing the housing bubble"
]
} |
57332ba74776f41900660732 | Financial_crisis_of_2007%E2%80%9308 | The 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 or other debt obligations into a single pool... | What type ratings did securities first in line receive from rating agencies? | {
"answer_start": [
433
],
"text": [
"investment-grade ratings"
]
} |
57332ba74776f41900660733 | Financial_crisis_of_2007%E2%80%9308 | The 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 or other debt obligations into a single pool... | What type pool do collateralized debt obligations place their payments from mortgages into? | {
"answer_start": [
309
],
"text": [
"single pool"
]
} |
57332ba74776f41900660734 | Financial_crisis_of_2007%E2%80%9308 | The 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 or other debt obligations into a single pool... | What securities had lower credit ratings but potentially a higher rate of return? | {
"answer_start": [
480
],
"text": [
"Securities with lower priority"
]
} |
57332d064776f4190066074e | Financial_crisis_of_2007%E2%80%9308 | By 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 2007, lenders began foreclosure proceedings o... | How much had average U.S. housing prices declined by September 2008? | {
"answer_start": [
63
],
"text": [
"over 20%"
]
} |
57332d064776f4190066074f | Financial_crisis_of_2007%E2%80%9308 | By 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 2007, lenders began foreclosure proceedings o... | When was the peak of U.S. housing prices? | {
"answer_start": [
83
],
"text": [
"mid-2006"
]
} |
57332d064776f41900660750 | Financial_crisis_of_2007%E2%80%9308 | By 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 2007, lenders began foreclosure proceedings o... | How many foreclosure proceedings were initiated by lenders in 2007? | {
"answer_start": [
322
],
"text": [
"nearly 1.3 million"
]
} |
57332d064776f41900660751 | Financial_crisis_of_2007%E2%80%9308 | By 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 2007, lenders began foreclosure proceedings o... | What was the percentage increase on foreclosure proceedings from 2007 to 2008? | {
"answer_start": [
421
],
"text": [
"81%"
]
} |
57332d064776f41900660752 | Financial_crisis_of_2007%E2%80%9308 | By 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 2007, lenders began foreclosure proceedings o... | How many U.S. mortgages were either delinquent or in foreclosure by September 2009? | {
"answer_start": [
578
],
"text": [
"14.4%"
]
} |
573332054776f41900660774 | Financial_crisis_of_2007%E2%80%9308 | Lower 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 a perceived risk of deflation. As early as 2... | Was was the federal funds rate target lowered to by the Federal Reserve in 2003? | {
"answer_start": [
133
],
"text": [
"1.0%"
]
} |
573332054776f41900660775 | Financial_crisis_of_2007%E2%80%9308 | Lower 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 a perceived risk of deflation. As early as 2... | What is one reason the Federal Reserve lowered the federal funds rate target to 1.0% in 2003? | {
"answer_start": [
266
],
"text": [
"to combat a perceived risk of deflation"
]
} |
573332054776f41900660776 | Financial_crisis_of_2007%E2%80%9308 | Lower 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 a perceived risk of deflation. As early as 2... | In the early 2000s, what type bubble did some economists believe the Fed needed to create to replace the Nasdaq bubble? | {
"answer_start": [
479
],
"text": [
"a housing bubble"
]
} |
573332054776f41900660777 | Financial_crisis_of_2007%E2%80%9308 | Lower 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 a perceived risk of deflation. As early as 2... | What contributed greatly to the severity of the financial crisis of 2007? | {
"answer_start": [
600
],
"text": [
"excessive credit growth"
]
} |
573332054776f41900660778 | Financial_crisis_of_2007%E2%80%9308 | Lower 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 a perceived risk of deflation. As early as 2... | What encouraged borrowing from 2000 to 2003? | {
"answer_start": [
0
],
"text": [
"Lower interest rates"
]
} |
573334094776f41900660786 | Financial_crisis_of_2007%E2%80%9308 | Bernanke 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 mainly the emerging economies in Asia and oil... | Per Bernanke, how much did the U.S. current account deficit increase between 1996 and 2004? | {
"answer_start": [
93
],
"text": [
"$650 billion"
]
} |
573334094776f41900660787 | Financial_crisis_of_2007%E2%80%9308 | Bernanke 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 mainly the emerging economies in Asia and oil... | What percentage of GDP was the U.S. current account deficit in 2004? | {
"answer_start": [
120
],
"text": [
"5.8%"
]
} |
573334094776f41900660788 | Financial_crisis_of_2007%E2%80%9308 | Bernanke 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 mainly the emerging economies in Asia and oil... | What emerging economies did the U.S. borrow money from between 1996 and 2004 to finance its imports? | {
"answer_start": [
308
],
"text": [
"Asia and oil-exporting nations"
]
} |
573334094776f41900660789 | Financial_crisis_of_2007%E2%80%9308 | Bernanke 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 mainly the emerging economies in Asia and oil... | What type account is needed by the U.S. to balance an account deficit? | {
"answer_start": [
462
],
"text": [
"capital account"
]
} |
573334094776f4190066078a | Financial_crisis_of_2007%E2%80%9308 | Bernanke 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 mainly the emerging economies in Asia and oil... | Where did the U.S. obtain capital to finance its imports? | {
"answer_start": [
554
],
"text": [
"foreign funds"
]
} |
573335cbd058e614000b5780 | Financial_crisis_of_2007%E2%80%9308 | The 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 the deflating of the housing bubble, as asset ... | When did the Fed begin raising Fed funds rate significantly? | {
"answer_start": [
61
],
"text": [
"July 2004"
]
} |
573335cbd058e614000b5781 | Financial_crisis_of_2007%E2%80%9308 | The 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 the deflating of the housing bubble, as asset ... | What does ARM stand for: | {
"answer_start": [
139
],
"text": [
"adjustable-rate mortgage"
]
} |
573335cbd058e614000b5782 | Financial_crisis_of_2007%E2%80%9308 | The 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 the deflating of the housing bubble, as asset ... | How do asset prices generally move in relation to interest rates? | {
"answer_start": [
342
],
"text": [
"inversely"
]
} |
573335cbd058e614000b5783 | Financial_crisis_of_2007%E2%80%9308 | The 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 the deflating of the housing bubble, as asset ... | Beginning in July 2004, what did the Fed do to make ARM rates more expensive for homeowners? | {
"answer_start": [
13
],
"text": [
"raised the Fed funds rate"
]
} |
573335cbd058e614000b5784 | Financial_crisis_of_2007%E2%80%9308 | The 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 the deflating of the housing bubble, as asset ... | How did U.S. housing and financial assets react to the housing bubble burst? | {
"answer_start": [
452
],
"text": [
"dramatically declined in value"
]
} |
573337db4776f41900660798 | Financial_crisis_of_2007%E2%80%9308 | Testimony 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 underwriters) suggests that by the final years of the... | Richard M. Bowen III testified to the Financial Crisis Inquiry Commission regarding his tenure at which financial institution? | {
"answer_start": [
205
],
"text": [
"Citigroup"
]
} |
573337db4776f41900660799 | Financial_crisis_of_2007%E2%80%9308 | Testimony 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 underwriters) suggests that by the final years of the... | How many underwriters was Richard M. Bowen III responsible for at Citigroup? | {
"answer_start": [
250
],
"text": [
"220"
]
} |
573337db4776f4190066079a | Financial_crisis_of_2007%E2%80%9308 | Testimony 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 underwriters) suggests that by the final years of the... | What percent of mortgages purchased by Citigroup in 2006 were defective? | {
"answer_start": [
450
],
"text": [
"60%"
]
} |
573337db4776f4190066079b | Financial_crisis_of_2007%E2%80%9308 | Testimony 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 underwriters) suggests that by the final years of the... | In 2006, how many mortgage companies were contractually responsible to meet Citi's standards? | {
"answer_start": [
665
],
"text": [
"1,600"
]
} |
573337db4776f4190066079c | Financial_crisis_of_2007%E2%80%9308 | Testimony 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 underwriters) suggests that by the final years of the... | During 2007, what was the percent of defective mortgages not underwritten to Citi's standards? | {
"answer_start": [
965
],
"text": [
"over 80%"
]
} |
5733399bd058e614000b5794 | Financial_crisis_of_2007%E2%80%9308 | In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scar... | Who was the largest residential loan due diligence and securitization surveillance company? | {
"answer_start": [
74
],
"text": [
"Clayton Holdings"
]
} |
5733399bd058e614000b5795 | Financial_crisis_of_2007%E2%80%9308 | In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scar... | According to Clayton Holdings, how many mortgages issued from January 2006 to June 2007 met underwriting standards? | {
"answer_start": [
325
],
"text": [
"54%"
]
} |
5733399bd058e614000b5796 | Financial_crisis_of_2007%E2%80%9308 | In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scar... | How many investment and commercial banks were included in Clayton Holdings' analysis of January 2006 to June 2007 loans? | {
"answer_start": [
426
],
"text": [
"23"
]
} |
5733399bd058e614000b5797 | Financial_crisis_of_2007%E2%80%9308 | In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scar... | Per Clayton's analysis of loans issued from January 2006 to June 2007, what percent of loans did not meet minimal standards of any issuer? | {
"answer_start": [
524
],
"text": [
"28%"
]
} |
5733399bd058e614000b5798 | Financial_crisis_of_2007%E2%80%9308 | In separate testimony to Financial Crisis Inquiry Commission, officers of Clayton Holdings—the largest residential loan due diligence and securitization surveillance company in the United States and Europe—testified that Clayton's review of over 900,000 mortgages issued from January 2006 to June 2007 revealed that scar... | How many mortgage loans did Clayton Holdings review in their analysis? | {
"answer_start": [
246
],
"text": [
"900,000"
]
} |
57333ba64776f419006607ac | Financial_crisis_of_2007%E2%80%9308 | Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes. A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensi... | What is the name for lending that entices borrowers to enter into unsafe secured loans? | {
"answer_start": [
0
],
"text": [
"Predatory lending"
]
} |
57333ba64776f419006607ad | Financial_crisis_of_2007%E2%80%9308 | Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes. A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensi... | What company used a classic bait-and-switch method by advertising low interest rates? | {
"answer_start": [
208
],
"text": [
"Countrywide Financial"
]
} |
57333ba64776f419006607ae | Financial_crisis_of_2007%E2%80%9308 | Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes. A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensi... | Which type loan would the consumer be put into instead of the 1% or 1.5% interest rate loan as advertised? | {
"answer_start": [
528
],
"text": [
"adjustable rate mortgage (ARM)"
]
} |
57333ba64776f419006607af | Financial_crisis_of_2007%E2%80%9308 | Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes. A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensi... | What was created when the interest charged was greater than the amount of interest paid? | {
"answer_start": [
653
],
"text": [
"negative amortization"
]
} |
57333ba64776f419006607b0 | Financial_crisis_of_2007%E2%80%9308 | Predatory lending refers to the practice of unscrupulous lenders, enticing borrowers to enter into "unsafe" or "unsound" secured loans for inappropriate purposes. A classic bait-and-switch method was used by Countrywide Financial, advertising low interest rates for home refinancing. Such loans were written into extensi... | What type predatory lending method did Countrywide Financial use? | {
"answer_start": [
165
],
"text": [
"classic bait-and-switch"
]
} |
57333da94776f419006607be | Financial_crisis_of_2007%E2%80%9308 | Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments". When housing prices decreased, homeowners in ARMs... | Who sued Countrywide for unfair business practices and false advertising? | {
"answer_start": [
21
],
"text": [
"California Attorney General Jerry Brown"
]
} |
57333da94776f419006607bf | Financial_crisis_of_2007%E2%80%9308 | Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments". When housing prices decreased, homeowners in ARMs... | What type mortgages allowed homeowners to make interest-only payments? | {
"answer_start": [
181
],
"text": [
"adjustable rate mortgages (ARMs)"
]
} |
57333da94776f419006607c0 | Financial_crisis_of_2007%E2%80%9308 | Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments". When housing prices decreased, homeowners in ARMs... | What happened to home equity when housing prices decreased? | {
"answer_start": [
406
],
"text": [
"disappeared"
]
} |
57333da94776f419006607c1 | Financial_crisis_of_2007%E2%80%9308 | Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments". When housing prices decreased, homeowners in ARMs... | Who made the decision to seize Countrywide after their financial condition deteriorated? | {
"answer_start": [
523
],
"text": [
"Office of Thrift Supervision"
]
} |
57333da94776f419006607c2 | Financial_crisis_of_2007%E2%80%9308 | Countrywide, sued by California Attorney General Jerry Brown for "unfair business practices" and "false advertising" was making high cost mortgages "to homeowners with weak credit, adjustable rate mortgages (ARMs) that allowed homeowners to make interest-only payments". When housing prices decreased, homeowners in ARMs... | What type credit did borrowers obtaining mortgages from Countrywide have? | {
"answer_start": [
168
],
"text": [
"weak credit"
]
} |
57333f7dd058e614000b57c8 | Financial_crisis_of_2007%E2%80%9308 | Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank re... | What economist believed that regulations did not keep up with financial innovation? | {
"answer_start": [
26
],
"text": [
"Paul Krugman"
]
} |
57333f7dd058e614000b57c9 | Financial_crisis_of_2007%E2%80%9308 | Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank re... | Who was the U.S. Treasury Secretary dealing with the aftermath of the financial crisis of 2007? | {
"answer_start": [
67
],
"text": [
"Timothy Geithner"
]
} |
57333f7dd058e614000b57ca | Financial_crisis_of_2007%E2%80%9308 | Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank re... | Which group's study suggested that Basel accords encourage unconventional business practices? | {
"answer_start": [
289
],
"text": [
"OECD"
]
} |
57333f7dd058e614000b57cb | Financial_crisis_of_2007%E2%80%9308 | Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank re... | It has been argued that what did not keep up with financial innovation? | {
"answer_start": [
105
],
"text": [
"regulatory framework"
]
} |
57333f7dd058e614000b57cc | Financial_crisis_of_2007%E2%80%9308 | Critics such as economist Paul Krugman and U.S. Treasury Secretary Timothy Geithner have argued that the regulatory framework did not keep pace with financial innovation, such as the increasing importance of the shadow banking system, derivatives and off-balance sheet financing. A recent OECD study suggest that bank re... | What accords possibly contributed to or reinforced the financial crisis? | {
"answer_start": [
342
],
"text": [
"Basel"
]
} |
573342a9d058e614000b57f0 | Financial_crisis_of_2007%E2%80%9308 | Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which made it difficult f... | What did financial institutions do prior to the crisis? | {
"answer_start": [
44
],
"text": [
"became highly leveraged"
]
} |
573342a9d058e614000b57f1 | Financial_crisis_of_2007%E2%80%9308 | Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which made it difficult f... | What type financial instruments are off-balance sheet securitization and derivatives? | {
"answer_start": [
207
],
"text": [
"complex"
]
} |
573342a9d058e614000b57f2 | Financial_crisis_of_2007%E2%80%9308 | Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which made it difficult f... | Who bailed out financial institutions? | {
"answer_start": [
548
],
"text": [
"government"
]
} |
573342a9d058e614000b57f3 | Financial_crisis_of_2007%E2%80%9308 | Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which made it difficult f... | Which option was nearly impossible for financial institutions to reorganize under? | {
"answer_start": [
504
],
"text": [
"bankruptcy"
]
} |
573342a9d058e614000b57f4 | Financial_crisis_of_2007%E2%80%9308 | Prior to the crisis, financial institutions became highly leveraged, increasing their appetite for risky investments and reducing their resilience in case of losses. Much of this leverage was achieved using complex financial instruments such as off-balance sheet securitization and derivatives, which made it difficult f... | What are the type financial instruments that were difficult for creditors and regulators to monitor? | {
"answer_start": [
207
],
"text": [
"complex financial instruments"
]
} |
5733450ed058e614000b580e | Financial_crisis_of_2007%E2%80%9308 | From 2004 to 2007, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower risk weightings fo... | How many U.S. investment banks significantly increased their financial leverage from 2004 to 2007? | {
"answer_start": [
27
],
"text": [
"five"
]
} |
5733450ed058e614000b580f | Financial_crisis_of_2007%E2%80%9308 | From 2004 to 2007, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower risk weightings fo... | U.S. investment banks Increased their financial leverage and also increased their vulnerability to what? | {
"answer_start": [
164
],
"text": [
"financial shock"
]
} |
5733450ed058e614000b5810 | Financial_crisis_of_2007%E2%80%9308 | From 2004 to 2007, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower risk weightings fo... | Changes in what intended to keep U.S. banks competitive with their European counterparts? | {
"answer_start": [
192
],
"text": [
"capital requirements"
]
} |
5733450ed058e614000b5811 | Financial_crisis_of_2007%E2%80%9308 | From 2004 to 2007, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower risk weightings fo... | How much debt did the top five U.S. investment banks report in fiscal year 2007? | {
"answer_start": [
503
],
"text": [
"over $4.1 trillion"
]
} |
5733450ed058e614000b5812 | Financial_crisis_of_2007%E2%80%9308 | From 2004 to 2007, the top five U.S. investment banks each significantly increased their financial leverage (see diagram), which increased their vulnerability to a financial shock. Changes in capital requirements, intended to keep U.S. banks competitive with their European counterparts, allowed lower risk weightings fo... | What financial institution went bankrupt and was liquidated in 2007? | {
"answer_start": [
591
],
"text": [
"Lehman Brothers"
]
} |
573346cc4776f419006607ec | Financial_crisis_of_2007%E2%80%9308 | Behavior that may be optimal for an individual (e.g., saving more during adverse economic conditions) can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save (or pay down debt) simultaneously is called ... | What is an example of something that can be detrimental if too many individuals pursue the same behavior? | {
"answer_start": [
54
],
"text": [
"saving more during adverse economic conditions"
]
} |
573346cc4776f419006607ed | Financial_crisis_of_2007%E2%80%9308 | Behavior that may be optimal for an individual (e.g., saving more during adverse economic conditions) can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save (or pay down debt) simultaneously is called ... | What is it called when too many consumers attempt to save or pay down debt at the same time? | {
"answer_start": [
324
],
"text": [
"paradox of thrift"
]
} |
573346cc4776f419006607ee | Financial_crisis_of_2007%E2%80%9308 | Behavior that may be optimal for an individual (e.g., saving more during adverse economic conditions) can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save (or pay down debt) simultaneously is called ... | What will happen if too many consumers save or pay down debt simultaneously? | {
"answer_start": [
346
],
"text": [
"can cause or deepen a recession"
]
} |
573346cc4776f419006607ef | Financial_crisis_of_2007%E2%80%9308 | Behavior that may be optimal for an individual (e.g., saving more during adverse economic conditions) can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save (or pay down debt) simultaneously is called ... | Who is the economist who described a "paradox of deleveraging"? | {
"answer_start": [
389
],
"text": [
"Hyman Minsky"
]
} |
573346cc4776f419006607f0 | Financial_crisis_of_2007%E2%80%9308 | Behavior that may be optimal for an individual (e.g., saving more during adverse economic conditions) can be detrimental if too many individuals pursue the same behavior, as ultimately one person's consumption is another person's income. Too many consumers attempting to save (or pay down debt) simultaneously is called ... | Financial institutions cannot all de-leverage simultaneously without a decline in the value of this? | {
"answer_start": [
608
],
"text": [
"their assets"
]
} |
57334868d058e614000b5822 | Financial_crisis_of_2007%E2%80%9308 | During April 2009, U.S. Federal Reserve vice-chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed... | Who was the U.S. Federal Reserve vice-chair in April 2009? | {
"answer_start": [
51
],
"text": [
"Janet Yellen"
]
} |
57334868d058e614000b5823 | Financial_crisis_of_2007%E2%80%9308 | During April 2009, U.S. Federal Reserve vice-chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed... | What happened soon after the massive credit crunch hit? | {
"answer_start": [
156
],
"text": [
"we were in a recession"
]
} |
57334868d058e614000b5824 | Financial_crisis_of_2007%E2%80%9308 | During April 2009, U.S. Federal Reserve vice-chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed... | What deepened the credit crunch when demand and employment fell? | {
"answer_start": [
184
],
"text": [
"recession"
]
} |
57334868d058e614000b5825 | Financial_crisis_of_2007%E2%80%9308 | During April 2009, U.S. Federal Reserve vice-chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed... | What was one of the actions businesses took to preserve cash? | {
"answer_start": [
609
],
"text": [
"cancelling planned investments"
]
} |
57334868d058e614000b5826 | Financial_crisis_of_2007%E2%80%9308 | During April 2009, U.S. Federal Reserve vice-chair Janet Yellen discussed these paradoxes: "Once this massive credit crunch hit, it didn’t take long before we were in a recession. The recession, in turn, deepened the credit crunch as demand and employment fell, and credit losses of financial institutions surged. Indeed... | What occurred in nearly every corner of the economy after the financial crisis of 2007? | {
"answer_start": [
423
],
"text": [
"balance sheet deleveraging"
]
} |
573349f34776f41900660800 | Financial_crisis_of_2007%E2%80%9308 | The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate... | What term refers to the ongoing development of financial products? | {
"answer_start": [
9
],
"text": [
"financial innovation"
]
} |
573349f34776f41900660801 | Financial_crisis_of_2007%E2%80%9308 | The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate... | What is an example of financial innovation pertinent to the financial crisis? | {
"answer_start": [
305
],
"text": [
"adjustable-rate mortgage"
]
} |
573349f34776f41900660802 | Financial_crisis_of_2007%E2%80%9308 | The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate... | What is the abbreviation for a form of credit insurance called credit default swaps? | {
"answer_start": [
554
],
"text": [
"CDS"
]
} |
573349f34776f41900660803 | Financial_crisis_of_2007%E2%80%9308 | The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate... | What is the financial innovation that bundles subprime mortgages? | {
"answer_start": [
371
],
"text": [
"mortgage-backed securities (MBS)"
]
} |
573349f34776f41900660804 | Financial_crisis_of_2007%E2%80%9308 | The term financial innovation refers to the ongoing development of financial products designed to achieve particular client objectives, such as offsetting a particular risk exposure (such as the default of a borrower) or to assist with obtaining financing. Examples pertinent to this crisis included: the adjustable-rate... | What happened to the usage of financial innovation products in the years leading up the financial crisis? | {
"answer_start": [
588
],
"text": [
"expanded dramatically"
]
} |
57334b0b4776f4190066080a | Financial_crisis_of_2007%E2%80%9308 | CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets. As ... | When did the issuance of CDO peak? | {
"answer_start": [
95
],
"text": [
"Q1 2007"
]
} |
57334b0b4776f4190066080b | Financial_crisis_of_2007%E2%80%9308 | CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets. As ... | What was the estimated value of CDO issuance in Q1 2004? | {
"answer_start": [
36
],
"text": [
"$20 billion"
]
} |
57334b0b4776f4190066080c | Financial_crisis_of_2007%E2%80%9308 | CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets. As ... | What was the estimated value of CDO issuance at it's peak in Q1 2007? | {
"answer_start": [
74
],
"text": [
"over $180 billion"
]
} |
57334b0b4776f4190066080d | Financial_crisis_of_2007%E2%80%9308 | CDO issuance grew from an estimated $20 billion in Q1 2004 to its peak of over $180 billion by Q1 2007, then declined back under $20 billion by Q1 2008. Further, the credit quality of CDO's declined from 2000 to 2007, as the level of subprime and other non-prime mortgage debt increased from 5% to 36% of CDO assets. As ... | What percent of CDO assets were subprime and other non-prime mortgage debt in 2007? | {
"answer_start": [
298
],
"text": [
"36%"
]
} |
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