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What are ARMs? What is the advantage of an ARM to a borrower? What are the disadvantages? What were teaser ARMs and how did they

What are ARMs? What is the advantage of an ARM to a borrower? What are the disadvantages? What were teaser ARMs and how did they contribute to the financial crisis? What were liar loans? What were NINJA loans? Why did the credit rating agencies take so long to acknowledge the riskiness of those loans and to downgrade CDOs containing those loans?

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