California Lenders Caused Global Meltdown

A new report shows that California lenders made 56 percent of all subprime loans nationwide, during the height of the housing boom from 2005 to 2007, according to the Chron. The report was conducted by the Center for Public Integrity, which analyzed $1.38 trillion of subprime mortgages. Reading between the lines, that means banks and other lenders in California were more responsible than businesses in any other region of the world for the foreclosure crisis and the current worldwide economic meltdown.

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