By Financial Crisis Inquiry Commission
Official executive variation
The definitive document on what brought on America's fiscal meltdown— and who was once responsible
- Formed in may possibly 2009, the monetary difficulty Inquiry fee (FCIC) is a panel of 10 commissioners with adventure in company, laws, 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 records, and interviewed greater than six hundred leaders, specialists, and members within the monetary markets and govt regulatory corporations, in addition to contributors and companies laid low with the crisis.
- In the culture of The September 11 fee file, The monetary quandary Inquiry Report might be a accomplished e-book for the lay reader, entire with a word list, charts, and easy-to-read diagrams, and a timeline that comes with very important occasions. it will likely be learn by way of coverage makers, company executives, regulators, executive organizations, 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
Yet we do not accept the view that regulators lacked the power to protect the financial system. They had ample power in many arenas and they chose not to use it. To give just three examples: the Securities and Exchange Commission could have required more capital and halted risky practices at the big investment banks. It did not. The Federal Reserve Bank of New York and other regulators could have clamped down on Citigroup’s excesses in the run-up to the crisis. They did not. Policy makers and regulators could have stopped the runaway mortgage securitization train.
Many people who abided by all the rules now find themselves out of work and uncertain about their future prospects. The collateral damage of this crisis has been real people and real communities. The impacts of this crisis are likely to be felt for a generation. And the nation faces no easy path to renewed economic strength. Like so many Americans, we began our exploration with our own views and some preliminary knowledge about how the world’s strongest financial system came to the brink of collapse.
3%. We also studied at length how the Department of Housing and Urban Development’s (HUD’s) affordable housing goals for the GSEs affected their investment in risky mortgages. Based on the evidence and interviews with dozens of individuals involved in this subject area, we determined these goals only contributed marginally to Fannie’s and Freddie’s participation in those mortgages. Finally, as to the matter of whether government housing policies were a primary cause of the crisis: for decades, government policy has encouraged homeownership through a set of incentives, assistance programs, and mandates.