"You're making lots of payments to mortgage services for modifications, " says Alex Pollock, a resident scholar at the American Enterprise Institute.

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Alex Pollock of the American Enterprise Institute thinks that securitisers should be required to guarantee the quality of their loan pools, as are America's government-sponsored mortgage giants, Fannie Mae and Freddie Mac.

ECONOMIST: Securitisation

"All deposit insurance is a moral hazard, and brokered deposits are a moral hazard, squared, " says Alex Pollock, a former head of the Federal Home Loan Bank of Chicago and now a fellow at the American Enterprise Institute.

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