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| New York, NY, USA Pathology of the
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| Executive Summary | 04 |
| Introduction | 05 |
| The Mortgage Business Model in 1987 | 06 |
| Originate to Distribute Business Model | 09 |
| The Mortgage Industry Beyond 2005 | 13 |
| The US Subprime Crisis | 18 |
| From a US Subprime Crisis to a Global Liquidity Crisis | 21 |
| Conclusions and Predictions | 27 |
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