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Excerpt from PolitiFact -- "[Risky mortgages], in turn, led to the 'end of a housing boom, a sharp decline in housing prices, widespread mortgage defaults, widespread mortgage securities defaults, and a lack of assets to cover the losses at nine large financial institutions -- Fannie Mae, Freddie Mac, Morgan Stanley, Merrill Lynch, Goldman Sachs, Bear Stearns, Lehman Brothers, the CitiCorp holding company, and the AIG holding company,' said Lawrence White, an economist at New York University’s Stern School of Business."

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