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V Countrywide Depo

V Countrywide Depo

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Published by: Foreclosure Fraud on Dec 21, 2012
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R. GLENN HUBBARD - CONFIDENTIAL

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12:40:08

two, two problems with it. One is the

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12:40:11

third factor, moving both of these which

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peaks before is the movement in house

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12:40:14

prices.

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12:40:15

Second, you're making an

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aggregate observation from aggregate

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12:40:20

pictures, but of course the models are

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12:40:22

about individual decisions, where

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12:40:26

unemployment is clearly a factor, as I

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12:40:28

say, this is a 30 year old literature.

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12:40:30

Q. So your testimony is that

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12:40:41

although national unemployment started to

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12:40:43

rise two quarters after the sharp rise in

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12:40:48

delinquencies and defaults, nonetheless,

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in your view, unemployment is one of the

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macroeconomic causes of the national rise

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in delinquencies and defaults?

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12:41:00

MR. APFEL: Objection.

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Q. Is that right?

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A. That's correct. Particularly

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interacted with movements in equity

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prices just as theory would suggest.

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12:41:07

Q. Okay. And your view is that

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12:41:10

theory compels that conclusion even

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