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Feds to blame for subprime woes?

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Though federal regulators issued rules over the past decade to tighten standards for making loans to borrowers with bad credit or low incomes, standards still declined and the volume of loans surged in the past two years. Changes in the lending business have moved a large amount of subprime lending outside the jurisdiction of federal banking regulators — but even where regulators have jurisdiction, they have sometimes been slow to deal with the rapid growth in risky loans. more [WSJ]

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