Crisi impact

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This crisis impacted both the residential and commercial real estate finance markets.

1. Real estate foreclosures in some areas climbed to very large percentages (as high as 50%) of the housing stock.

2. Banks voluntarily attempted mortgage modification programs for some real estate owners.

3. The federal government required mortgage modifications programs, or provided funds for such programs, in an effort to lessen the impact of the foreclosure crisis.

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