romikgosai/squad_modified huggingface dataset:
As part of the housing and credit booms, the number of financial agreements called mortgage-backed securities (MBS) and collateralized debt obligations (CDO), which derived their value from mortgage payments and housing prices, greatly increased. Such financial innovation enabled institutions and investors around the world to invest in the U.S. housing market. As housing prices declined, major global financial institutions that had borrowed and invested heavily in subprime MBS reported significant losses.

Questions and answers:
['
Q: What are MBS as related to the housing and credit booms?
A: mortgage-backed securities', '
Q: What are CDO as related to the housing and credit booms?
A: collateralized debt obligations', '
Q: When housing prices declined, who reported significant losses from being heavily invested in subprime MBS?
A: major global financial institutions', '
Q: Who could invest in the U.S. housing market through MBS and CDO?
A: institutions and investors around the world', '
Q: MBS and CDO derive their value from?
A: mortgage payments and housing prices']
Falling prices also resulted in homes worth less than the mortgage loan, providing a financial incentive to enter foreclosure. The ongoing foreclosure epidemic that began in late 2006 in the U.S. continues to drain wealth from consumers and erodes the financial strength of banking institutions. Defaults and losses on other loan types also increased significantly as the crisis expanded from the housing market to other parts of the economy. Total losses are estimated in the trillions of U.S. dollars globally.

Questions and answers:
['
Q: How much are total losses estimated to be from falling home prices?
A: trillions of U.S. dollars', '
Q: What is the financial incentive when a home is worth less than the mortgage loan?
A: foreclosure', '
Q: What year did the foreclosure epidemic begin?
A: late 2006', '
Q: What other financial instruments had significant defaults and losses as a result of the crisis expanding from housing to other parts of the economy?
A: other loan types', '
Q: What continues to drain consumer wealth and erode the strength of banks?
A: foreclosure epidemic']
While the housing and credit bubbles were building, a series of factors caused the financial system to both expand and become increasingly fragile, a process called financialization. U.S. Government policy from the 1970s onward has emphasized deregulation to encourage business, which resulted in less oversight of activities and less disclosure of information about new activities undertaken by banks and other evolving financial institutions. Thus, policymakers did not immediately recognize the increasingly important role played by financial institutions such as investment banks and hedge funds, also known as the shadow banking system. Some experts believe these institutions had become as important as commercial (depository) banks in providing credit to the U.S. economy, but they were not subject to the same regulations.

Questions and answers:
['
Q: What institutions comprise the shadow banking system?
A: investment banks and hedge funds', '
Q: What institutions are not subject to the same regulations as commercial banks?
A: investment banks and hedge funds', '
Q: What process caused the financial system to both expand and become fragile?
A: financialization', "
Q: What policy has U.S. Government emphasized from the 1970's onward?
A: deregulation", "
Q: Since the 1970's, what has emphasized deregulation to encourage business, but resulted in less oversight and less disclosure?
A: U.S. Government policy"]
These institutions, as well as certain regulated banks, had also assumed significant debt burdens while providing the loans described above and did not have a financial cushion sufficient to absorb large loan defaults or MBS losses. These losses impacted the ability of financial institutions to lend, slowing economic activity. Concerns regarding the stability of key financial institutions drove central banks to provide funds to encourage lending and restore faith in the commercial paper markets, which are integral to funding business operations. Governments also bailed out key financial institutions and implemented economic stimulus programs, assuming significant additional financial commitments.

Questions and answers:
['
Q: Some regulated banks did not have sufficient financial cushions in place to absorb what losses as a result of the financial crisis of 2007?
A: MBS', '
Q: What was a consequence of the large loan defaults and MBS losses in 2007?
A: slowing economic activity', '
Q: Who provided funds to encourage lending and restore faith in commercial banks in the aftermath of the financial crisis of 2007?
A: central banks', '
Q: Who bailed out key financial institutions and implemented economic stimulus programs as an answer to the financial crisis of 2007?
A: Governments', '
Q: What impacted the ability of financial institutions to lend in the financial crisis of 2007?
A: large loan defaults or MBS losses']
The U.S. Financial Crisis Inquiry Commission reported its findings in January 2011. It concluded that "the crisis was avoidable and was caused by: widespread failures in financial regulation, including the Federal Reserve’s failure to stem the tide of toxic mortgages; dramatic breakdowns in corporate governance including too many financial firms acting recklessly and taking on too much risk; an explosive mix of excessive borrowing and risk by households and Wall Street that put the financial system on a collision course with crisis; key policy makers ill prepared for the crisis, lacking a full understanding of the financial system they oversaw; and systemic breaches in accountability and ethics at all levels".

Questions and answers:
['
Q: When did the U.S. Financial Crisis Inquiry Commission report its findings?
A: January 2011', '
Q: What was one of  the conclusions of the U.S. Financial Crisis Inquiry Commission regarding the financial crisis of 2007?
A: the crisis was avoidable and was caused by: widespread failures in financial regulation', '
Q: What agency failed to stem the tide of toxic mortgages contributing to the financial crisis of 2007?
A: Federal Reserve', '
Q: Who was not prepared for the financial crisis in 2007 by lacking a full understanding of the financial system?
A: key policy makers', '
Q: Which business sector contributed to the financial crisis by acting recklessly and taking on too much risk?
A: financial firms']
During a period of tough competition between mortgage lenders for revenue and market share, and when the supply of creditworthy borrowers was limited, mortgage lenders relaxed underwriting standards and originated riskier mortgages to less creditworthy borrowers. In the view of some analysts, the relatively conservative government-sponsored enterprises (GSEs) policed mortgage originators and maintained relatively high underwriting standards prior to 2003. However, as market power shifted from securitizers to originators and as intense competition from private securitizers undermined GSE power, mortgage standards declined and risky loans proliferated. The worst loans were originated in 2004–2007, the years of the most intense competition between securitizers and the lowest market share for the GSEs.

Questions and answers:
['
Q: What caused mortgage lenders to relax underwriting standards and approve riskier mortgages?
A: tough competition', '
Q: In what year were high underwriting standards relaxed?
A: 2003', '
Q: What years were the worst mortgage loans originated?
A: 2004–2007', '
Q: What years had the most intense competition between securitizers and the lowest market share for GSEs?
A: 2004–2007', '
Q: Who policed mortgage originators and maintained relatively high standards prior to 2003?
A: government-sponsored enterprises (GSEs)']
The majority report of the Financial Crisis Inquiry Commission, written by the six Democratic appointees, the minority report, written by 3 of the 4 Republican appointees, studies by Federal Reserve economists, and the work of several independent scholars generally contend that government affordable housing policy was not the primary cause of the financial crisis. Although they concede that governmental policies had some role in causing the crisis, they contend that GSE loans performed better than loans securitized by private investment banks, and performed better than some loans originated by institutions that held loans in their own portfolios. Paul Krugman has even claimed that the GSE never purchased subprime loans – a claim that is widely disputed.

Questions and answers:
['
Q: How many Democratic appointees wrote the majority report of the Financial Crisis Inquiry Commission?
A: six', '
Q: Who claimed that the GSE never purchased subprime loans - a claim that is widely disputed?
A: Paul Krugman', '
Q: Several reports written by various agencies  concluded that which policy was not the primary cause of the financial crisis?
A: government affordable housing policy', '
Q: According to reports, which loans performed better than some loans securitized by private investment banks?
A: GSE loans', '
Q: How many Republican appointees wrote the minority report of the Financial Crisis Inquiry Commission?
A: 4']
In his dissent to the majority report of the Financial Crisis Inquiry Commission, American Enterprise Institute fellow Peter J. Wallison stated his belief that the roots of the financial crisis can be traced directly and primarily to affordable housing policies initiated by HUD in the 1990s and to massive risky loan purchases by government-sponsored entities Fannie Mae and Freddie Mac. Later, based upon information in the SEC's December 2011 securities fraud case against 6 ex-executives of Fannie and Freddie, Peter Wallison and Edward Pinto estimated that, in 2008, Fannie and Freddie held 13 million substandard loans totaling over $2 trillion.

Questions and answers:
['
Q: How many estimated substandard loans did Fannie and Freddie have in 2008? 
A: 13 million', '
Q: What was the value of the estimated 13 million substandard loans held by Fannie and Freddie in 2008?
A: over $2 trillion', '
Q: Which government-sponsored entities had massive risky loan purchases?
A: Fannie Mae and Freddie Mac', '
Q: Peter J. Wallison believes that the one of the roots of the financial crisis can be traced to affordable housing policies by which agency in the 1990s?
A: HUD', "
Q: How many ex-executives of Fannie and Freddie were named in the SEC's December 2011 securities fraud case?
A: 6"]
In the early and mid-2000s, the Bush administration called numerous times for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages. On September 10, 2003, the House Financial Services Committee held a hearing at the urging of the administration to assess safety and soundness issues and to review a recent report by the Office of Federal Housing Enterprise Oversight (OFHEO) that had uncovered accounting discrepancies within the two entities. The hearings never resulted in new legislation or formal investigation of Fannie Mae and Freddie Mac, as many of the committee members refused to accept the report and instead rebuked OFHEO for their attempt at regulation. Some believe this was an early warning to the systemic risk that the growing market in subprime mortgages posed to the U.S. financial system that went unheeded.

Questions and answers:
['
Q: Who uncovered accounting discrepancies in Fannie Mae and Freddie Mac?
A: Office of Federal Housing Enterprise Oversight (OFHEO)', '
Q: Which administration called for investigation into the soundness of GSEs in the early and mid-2000s?
A: Bush administration', '
Q: On what date did the House Financial Services Committee hold a hearing to assess safety and soundness issues regarding Fannie Mae and Freddie Mac?
A: September 10, 2003', '
Q: What was the result of the House Financial Services Committee on September 10, 2003 regarding Fannie Mae and Freddie Mac?
A: The hearings never resulted in new legislation or formal investigation', '
Q: Who rebuked OFHEO in 2003 for their attempt at regulation of Fannie Mae and Freddie Mac?
A: House Financial Services Committee']
A 2000 United States Department of the Treasury study of lending trends for 305 cities from 1993 to 1998 showed that $467 billion of mortgage lending was made by Community Reinvestment Act (CRA)-covered lenders into low and mid level income (LMI) borrowers and neighborhoods, representing 10% of all U.S. mortgage lending during the period. The majority of these were prime loans. Sub-prime loans made by CRA-covered institutions constituted a 3% market share of LMI loans in 1998, but in the run-up to the crisis, fully 25% of all sub-prime lending occurred at CRA-covered institutions and another 25% of sub-prime loans had some connection with CRA. In addition, an analysis by the Federal Reserve Bank of Dallas in 2009, however, concluded that the CRA was not responsible for the mortgage loan crisis, pointing out that CRA rules have been in place since 1995 whereas the poor lending emerged only a decade later. Furthermore, most sub-prime loans were not made to the LMI borrowers targeted by the CRA, especially in the years 2005–2006 leading up to the crisis. Nor did it find any evidence that lending under the CRA rules increased delinquency rates or that the CRA indirectly influenced independent mortgage lenders to ramp up sub-prime lending.

Questions and answers:
['
Q: What was the value of mortgage lending made by Community Reinvestment Act covered lenders to low and mid level income borrowers and neighborhoods from 1993-1998?
A: $467 billion', '
Q: What percent of mortgage lending was made by Community Reinvestment Act covered lenders from 1993 to 1998?
A: 10%', '
Q: What does CRA stand for?
A: Community Reinvestment Act', '
Q: What percent of sub-prime lending occurred at CRA-covered institutions in the run-up to the financial crisis?
A: 25%', '
Q: What percent of sub-prime loans had some connection with CRA in the run-up to the financial crisis?
A: 25%']
To other analysts the delay between CRA rule changes (in 1995) and the explosion of subprime lending is not surprising, and does not exonerate the CRA. They contend that there were two, connected causes to the crisis: the relaxation of underwriting standards in 1995 and the ultra-low interest rates initiated by the Federal Reserve after the terrorist attack on September 11, 2001. Both causes had to be in place before the crisis could take place. Critics also point out that publicly announced CRA loan commitments were massive, totaling $4.5 trillion in the years between 1994 and 2007. They also argue that the Federal Reserve’s classification of CRA loans as “prime” is based on the faulty and self-serving assumption that high-interest-rate loans (3 percentage points over average) equal “subprime” loans.

Questions and answers:
['
Q: When did CRA make rule changes to relax underwriting standards?
A: 1995', '
Q: How much were CRA loan commitments between 1994 and 2007?
A: $4.5 trillion', "
Q: What was the Federal Reserve's assumption regarding what makes a loan subprime?
A: high-interest-rate loans (3 percentage points over average)", '
Q: How did the Federal Reserve classify CRA loans?
A: prime', '
Q: When were ultra-low interest rates initiated by the Federal Reserve?
A: after the terrorist attack on September 11, 2001']
Others have pointed out that there were not enough of these loans made to cause a crisis of this magnitude. In an article in Portfolio Magazine, Michael Lewis spoke with one trader who noted that "There weren’t enough Americans with [bad] credit taking out [bad loans] to satisfy investors' appetite for the end product." Essentially, investment banks and hedge funds used financial innovation to enable large wagers to be made, far beyond the actual value of the underlying mortgage loans, using derivatives called credit default swaps, collateralized debt obligations and synthetic CDOs.

Questions and answers:
['
Q: What financial innovation enabled investment banks and hedge funds to make large wagers?
A: credit default swaps, collateralized debt obligations and synthetic CDOs.', '
Q: Credit default swaps, collateralized debt obligations and CDOS are all types of what?
A: derivatives', '
Q: Which magazine had an article where Michael Lewis spoke with a trader about bad loans?
A: Portfolio Magazine', '
Q: What financial innovation allows investment banks and hedge banks to make large wagers?
A: derivatives', '
Q: What are some names of derivatives?
A: credit default swaps, collateralized debt obligations and synthetic CDOs']
Countering Krugman, Peter J. Wallison wrote: "It is not true that every bubble—even a large bubble—has the potential to cause a financial crisis when it deflates." Wallison notes that other developed countries had "large bubbles during the 1997–2007 period" but "the losses associated with mortgage delinquencies and defaults when these bubbles deflated were far lower than the losses suffered in the United States when the 1997–2007 [bubble] deflated." According to Wallison, the reason the U.S. residential housing bubble (as opposed to other types of bubbles) led to financial crisis was that it was supported by a huge number of substandard loans – generally with low or no downpayments.

Questions and answers:
['
Q: Peter J. Wallison believes that the huge number of these loans led to the financial crisis?
A: substandard', '
Q: What type downpayments do substandard loans generally have?
A: low or no downpayments', '
Q: According to Peter J. Wallison, why did the U.S. residential housing bubble led to financial crisis?
A: it was supported by a huge number of substandard loans', '
Q: Other countries had large residential housing bubbles that deflated during what years?
A: 1997–2007', "
Q: Peter J. Wallison's conclusions regarding the financial crisis are not in agreement with this economist's views?
A: Krugman"]
Located approximately 250 kilometres (160 mi) east of Puerto Rico and the nearer Virgin Islands, St. Barthélemy lies immediately southeast of the islands of Saint Martin and Anguilla. It is one of the Renaissance Islands. St. Barthélemy is separated from Saint Martin by the Saint-Barthélemy Channel. It lies northeast of Saba and St Eustatius, and north of St Kitts. Some small satellite islets belong to St. Barthélemy including Île Chevreau (Île Bonhomme), Île Frégate, Île Toc Vers, Île Tortue and Gros Îlets (Îlots Syndare). A much bigger islet, Île Fourchue, lies on the north of the island, in the Saint-Barthélemy Channel. Other rocky islets which include Coco, the Roques (or little Turtle rocks), the Goat, and the Sugarloaf.

Questions and answers:
['
Q: How many Miles East of Puerto Rico is St. Barts?
A: 160', '
Q: What lies between St. Barts and Saint Martin island?
A: the Saint-Barthélemy Channel', '
Q: What does "Roques" mean in English?
A: little Turtle rocks', '
Q: St. Barts is one of the what group of islands?
A: the Renaissance', '
Q: What is Île Frégate in relation to St Barts?
A: satellite islets']
Residents of Saint-Barthélemy (Saint-Barthélemoise people) are French citizens and work at establishments on the island. Most of them are descendants of the first settlers, of Breton, Norman, Poitevin, Saintongeais and Angevin lineage. French is the native tongue of the population. English is understood in hotels and restaurants, and a small population of Anglophones have been resident in Gustavia for many years. The St. Barthélemy French patois is spoken by some 500–700 people in the leeward portion of the island and is superficially related to Quebec French, whereas Créole French is limited to the windward side. Unlike other populations in the Caribbean, language preference between the Créole and Patois is geographically, and not racially, determined.[page needed]

Questions and answers:
['
Q: What are the people of St. Barts called?
A: Saint-Barthélemoise', '
Q: What is the native language of St. Barts?
A: French', '
Q: About how many people speak Patois French in St. Barts?
A: 500–700', '
Q: Of what nation do the people of St. Barts claim citizenship?
A: French', '
Q: How does the determination between Patois and Creole French usually determined?
A: racially']
On 7 February 2007, the French Parliament passed a bill granting COM status to both St. Barthélemy and (separately) to the neighbouring Saint Martin. The new status took effect on 15 July 2007, when the first territorial council was elected, according to the law. The island has a president (elected every five years), a unicameral Territorial Council of nineteen members who are elected by popular vote and serve for five-year terms, and an executive council of seven members. Elections to these councils were first held on 1 July 2007 with the last election in March 2012.

Questions and answers:
['
Q: What island besides St. Barts was granted COM status by France in 2007?
A: Saint Martin', '
Q: How many years does a president have in office in St. Barts?
A: five', '
Q: When was the last election held for the executive council positions?
A: in March 2012', '
Q: When did the COM status for St. Barts take effect?
A: 15 July 2007', '
Q: How many people are on the Territorial Council?
A: nineteen']
One senator represents the island in the French Senate. The first election was held on 21 September 2008 with the last election in September 2014. St. Barthélemy became an overseas territory of the European Union on 1 January 2012, but the island's inhabitants remain French citizens with EU status holding EU passports. France is responsible for the defence of the island and as such has stationed a security force on the island comprising six policemen and thirteen gendarmes (posted on two-year term).

Questions and answers:
['
Q: When was the last senate election in St. Barts?
A: September 2014', '
Q: What organization did St. Barts become a part of in 2012?
A: the European Union', '
Q: How many senators represent St. Barts in France?
A: One', '
Q: What year was the first senate election held for the St. Barts?
A: 2008', '
Q: How many policemen does the French government pay for on St. Barts?
A: thirteen']
Agricultural production on the island is difficult given the dry and rocky terrain, but the early settlers managed to produce vegetables, cotton, pineapples, salt, bananas and also fishing. Sweet potato is also grown in patches. The islanders developed commerce through the port of Gustavia. Duty-free port attractions, retail trade, high-end tourism (mostly from North America) and its luxury hotels and villas have increased the island's prosperity, reflected in the high standard of living of its citizens.

Questions and answers:
['
Q: What is often difficult on the island?
A: Agricultural production', '
Q: What is grown in patches on the island?
A: Sweet potato', '
Q: What seasoning is found naturally on the island?
A: salt', "
Q: What type of activity did early settlers use to get food that didn't involve farming?
A: fishing", '
Q: What is the name of the main commercial port in St. Barts?
A: Gustavia']
International investment and the wealth generated by wealthy tourists explain the high standard of living on the island. St. Barthélemy is considered a playground of the rich and famous,[citation needed] especially as a winter haven, and is known for its beaches, gourmet dining and high-end designers. Most of the food is imported by airplane or boat from the US or France. Tourism attracts about 200,000 visitors every year. As a result, there is a boom in house building activity catering to the tourists and also to the permanent residents of the island, with prices as high as €61,200,000 for a beachfront villa.

Questions and answers:
['
Q: St. Barts is considered a playground for whom?
A: the rich and famous', '
Q: How many tourists visit St. Barts each year?
A: 200,000', '
Q: What is the highest propoerty value recorded in St. Barts?
A: €61,200,000', '
Q: What besides investment is responsible for the high standard of living on the island?
A: wealth generated by wealthy tourists', '
Q: Besides boats how does St. Barts import most of its food?
A: by airplane']