Sen. Elizabeth Warren (D-Mass.) on Tuesday rejected the notion that affordable housing mandates for Fannie Mae and Freddie Mac caused the financial crisis, five years after it began. "While the crisis was massive and painful -- and its impact continues to weigh on middle-class families to this day -- its underlying cause was fairly clear," she said in remarks to a Mortgage Bankers Association convention in Washington. "The GSEs [government-sponsored enterprises] made significant mistakes -- mistakes that cost taxpayers dearly -- but those mistakes were not the underlying cause of the crisis."
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