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Merrill Lynch had been bought out. Lehman Bros. was broke. Fannie Mae and Freddie Mac were going under. People were being forced out of their homes after being approved for mortgages they could never pay.
Those are just a few reasons local experts offer in explaining the $700 billion buyout approved recently by the U.S. Congress.
"The loan structure with regard to mortgages and sub-prime loans somewhat triggered [the economic downtown]," said Joe Foster, assistant professor of business and economics.
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