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This was compared to a strong quarter last year, which was driven by good consumer demand and also by. quite of a – I would call it short term dip in housing starts, probably driven by the higher.
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As a group, we’re expected to spend $340 billion fixing up our homes this year, according to Harvard University’s Joint Center for Housing Studies. That’s about four times as much as we spend on summer vacations and nearly as much as we sock away annually in our 401(k)s.
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Blythe Masters CFO, JPMorgan; in 1997, she was part of a group at JPMorgan who created credit derivatives. As we ran into this financial crisis, you had mortgage originators that were non-banks.