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Pulitzer Prize-Winner Addresses Financial Crisis During Kellogg Distinguished Lecture

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Executive Summary

When news of a subprime mortgage crisis first leaked in 2006, Wall Street Journal columnist James B. Stewart, like any good journalist, went out to investigate. While researching the subject, Stewart met a low-income couple living in Boston who received approval from GE Capital for a $3,500-a-month mortgage, thanks to fabrications on their application by their mortgage broker. Not surprisingly, given their $35,000 annual income, this couple was unable to make any payments on their mortgage. Stories like this are at the root of the nation's financial crisis, Stewart told an audience of several hundred Kellogg School students, alumni and faculty in Owen L. Coon Auditorium at the Donald P. Jacobs Center on Nov. 17.

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