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The Boston Globe

Business

Data shows Fed doubted foreclosures’ link to crisis

WASHINGTON — When Federal Reserve policy makers convened in August 2007, one of the nation’s largest subprime mortgage lenders had just filed for bankruptcy, and another was struggling to find the money it needed to survive.

Officials decided not to cut interest rates. The Fed did not even mention housing in a statement announcing its decision. The economy was growing, and a transcript of the meeting that the Fed published Friday shows officials were deeply skeptical that problems rooted in housing foreclosures could cause a broader crisis.

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