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2010-06-01 — dailyreckoning.com.au
"All real estate is local. But all mortgage bubbles are national. This is true especially in markets - and we won't name names - where most of the lending is concentrated in just a few issues. This tells you where lending risk resides in a financial system. In the U.S. subprime bubble, that risk was transferred from the loan originator to investors, via Wall Street's securitisation machine."
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