Markets unaffected by these policies experienced bubbles, too.
There were also credit crises in other countries that have no such home ownership policies or agencies. Also, there was a similar crisis in US commercial real estate. Moreover, there was no crisis in Canada, which does have similar home ownership policies.

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The Global Financial Crisis »The Global Financial Crisis
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Unintended consequences of earlier public policy choices »Unintended consequences of earlier public policy choices
US policies to encourage home ownership promoted risky lending »US policies to encourage home ownership promoted risky lending
Markets unaffected by these policies experienced bubbles, too.
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