hubieran distorsionado
-they/you had distorted
Past perfect subjunctiveellos/ellas/ustedesconjugation ofdistorsionar.

distorsionar

Ciertamente, muchos de ellos podrían haberlo hecho, si las autoridades no hubieran distorsionado el mercado hipotecario tanto como lo hicieron.
Certainly, many of them could have, if authorities would not have distorted the mortgage market as much as they did.
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