Without question, the decline in underwriting standards in the U.S., in a variety of forms, contributed to that rise in the housing bubble. I mean, the Americans got to a position on the eve of the crisis where about 15% of mortgages were subprime.
February 12th, 2013 / 9:05 a.m.
Governor, Bank of Canada
Without question, the decline in underwriting standards in the U.S., in a variety of forms, contributed to that rise in the housing bubble. I mean, the Americans got to a position on the eve of the crisis where about 15% of mortgages were subprime.
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