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Bad mortgage debts have been cleaned out of banks.
enabled firms to swap bad mortgage securities for safe Treasury bonds.
The rules are designed to protect consumers from bad mortgage advice, but recent research by Which ?
Not everyone, of course, has a bad mortgage story to tell.
The Fed cannot turn a bad mortgage loan into a good one.
Instead, it first rescued, then acquired Countrywide, which may have made more bad mortgage loans than any other lender.
"Our bailout strategies didn't clean out bad mortgage assets, and we didn't force banks to take losses," she says.
"We did not find anyone who lost their homes due to being in a bad mortgage product," she said.
But this time the scare is about more than bad mortgage loans and their baleful effect on the credit markets.
Goldman abandoned its plan in June 2007 when two Bear Stearns hedge funds collapsed because of bad mortgage bets.
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There are estimates that firms are carrying $1 trillion or more in bad mortgage-related assets.
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