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A breakdown in oversight and rules

National City focused on making subprime loans. Citigrouup packaged subprime loans for sale to investors. The Fed let both companies plunge in, ultimately forcing the government to rescue both from collapse.

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Fed's approach to regulation left banks exposed to crisis
Article | Foreclosures already pocked Chicago's poorer neighborhoods but the downtown still was booming as the Federal Reserve Bank of Chicago convened its annual conference in May 2007.

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