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Housing regulators 

In 2004, Alan Greenspan, then the chairman, said the rise in home values was ‘not enough in our judgment to raise major concerns.’ In 2005, Mr. Bernanke — then a Bush administration official — said a housing bubble was ‘a pretty unlikely possibility.’ As late as May 2007, he said that Fed officials ‘do not expect significant spillovers from the subprime market to the rest of the economy’.

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