The mortgage crisis, explained in one graph

It's hard not to predict a mortgage crisis after looking at this graph, which shows that from 2004 to 2009 the quality of loans from a major national mortgage company got worse every single month.

It's from a paper called 

Liar’s Loan? Effects of Origination Channel and Information Falsification on Mortgage Delinquency

and it's figure 3 there.

Mortgage-crisis-in-one-graph-figure-3-liars-loan

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