07
Apr

Financial Crisis Inquiry Commission Holds Hearing This Week

Posted by Sara M. Varese

The Financial Crisis Inquiry Commission will be holding a hearing with former bankers, mortgage executives, and federal officials to examine the cause for the economic meltdown and the housing bubble, quoted as being the ” most severe in history” by federal reserve chairman, Alan Greenspan.

During the hearing, Greenspan will be questioned why the feds did not increase the benchmark interest rate in time to stop the housing crisis which eventually led to a large number of foreclosures in 2008.  Another major issue that will be addressed is how the trillions of dollars lent to the sub prime industry also contributed to the meltdown which will include deceptive mortgage practices and predatory lending.

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