Posted by: cfigueira | April 13, 2010

More Perspective and Discussion on the Mortgage Crisis Commission

Hearings on Subprime Lending and Securitization and Government-Sponsored Enterprises,” were conducted last week by the Financial Crisis Inquiry Commission (FCIC.) The ten member bi-partisan Commission was established under the Fraud Enforcement and Recovery Act of 2009 to “examine the causes, domestic and global, of the current financial and economic crisis in the United States.”

During three days of testimony 17 persons including 8 from Citigroup, Citi Mortgage, and Citi Markets and two former Chairmen of Citigroup spoke, however, it was the testimony of former Federal Reserve Chairman Alan Greenspan and the four persons heavily involved in operating or regulating Fannie Mae and Freddie Mac which got the lion’s share of atttention.

According to a report in the Los Angeles Times, Greenspan strongly defended his actions and warned that regulators alone couldn’t stop financial crises. The best prevention, he said, would come from increasing requirements on banks and other financial institutions to have more money and collateral to carry them through rough times…… read more @ by Jann Swanson on MND News wir

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