Prior to the Crisis, there was a regulatory failure in that lenders outside the regulatory net were permitted to adopt these reduced standards.

Name: Prior to the Crisis, there was a regulatory failure in that lenders outside the regulatory net were permitted to adopt these reduced standards.
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The financial crisis of 2007-2008 was partly due to regulatory failures, including allowing non-bank lenders to operate with less oversight, leading to risky lending practices.

Prior to the Crisis, There Was a Regulatory Failure in That