By Financial Crisis Inquiry Commission
Official executive variation
The definitive document on what brought on America's financial meltdown— and who was once responsible
- Formed in might 2009, the monetary drawback Inquiry fee (FCIC) is a panel of 10 commissioners with adventure in company, rules, economics, and housing, selected by means of Congress to provide an explanation for what occurred and why it occurred. This panel has had subpoena strength that enabled them to interview humans and look at records that no reporter had entry to.
- The FCIC has reviewed hundreds of thousands of pages of files, and interviewed greater than six hundred leaders, specialists, and individuals within the monetary markets and govt regulatory organisations, in addition to participants and companies plagued by the crisis.
- In the culture of The Sept. 11 fee record, The monetary obstacle Inquiry Report might be a accomplished publication for the lay reader, entire with a thesaurus, charts, and easy-to-read diagrams, and a timeline that comes with vital occasions. will probably be learn by means of coverage makers, company executives, regulators, govt organisations, and the yankee people.
Read or Download The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States PDF
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Extra resources for The Financial Crisis Inquiry Report, Authorized Edition: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States
The complex machinery of our financial markets has many essential gears—some of which played a critical role as the crisis developed and deepened. Here we render our conclusions about specific components of the system that we believe contributed significantly to the financial meltdown. • We conclude collapsing mortgage-lending standards and the mortgage securitization pipeline lit and spread the flame of contagion and crisis. When housing prices fell and mortgage borrowers defaulted, the lights began to dim on Wall Street.
Many mortgage lenders set the bar so low that lenders simply took eager borrowers’ qualifications on faith, often with a willful disregard for a borrower’s ability to pay. Nearly one-quarter of all mortgages made in the first half of 2005 were interest-only loans. During the same year, 68% of “option ARM” loans originated by Countrywide and Washington Mutual had low- or no-documentation requirements. These trends were not secret. As irresponsible lending, including predatory and fraudulent practices, became more prevalent, the Federal Reserve and other regulators and authorities heard warnings from many quarters.
Many knowledgeable executives saw trouble and managed to avoid the train wreck. While countless Americans joined in the financial euphoria that seized the nation, many others were shouting to government officials in Washington and within state legislatures, pointing to what would become a human disaster, not just an economic debacle. “Everybody in the whole world knew that the mortgage bubble was there,” said Richard Breeden, the former chairman of the Securities and Exchange Commission appointed by President George H.
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