No it is not. On the contrary, the loose packed position, which is also known as the open packed position, is the position of a joint in which the joint surfaces are not congruent and the joint capsule is lax. This is the position of a joint when it is unlocked and free to move.
On the other hand, the closed packed position is the joint position in which contact between the articulation structures is maximal. This usually occurs in joint extension positions or activities.
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