He said that a necessary condition for the crisis to end will be a stabilization in home prices but he said that was not likely to occur for "many months in the future." In his testimony, Greenspan put the blame for the subprime collapse on overeager investors who did not properly take into account the threats that would be posed once home prices stopped surging upward. "It was the failure to properly price such risky assets that precipitated the crisis," he asserted.

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