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How did Fannie Mae inflate home prices in Spain?

The discussion about who caused the housing crisis -- banks or government -- continues, aided by Rep. Joe Walsh and others. To those who blame the Community Reinvestment Act and government-sponsored enterprises such as Fannie Mae and Freddie Mac, Barry Ritholtz asks: How was it that almost every developed nation had a simultaneous housing bubble? Ritholtz:

How did Fannie Mae inflate home prices in Spain?

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