"Fannie Mae and Freddie Mac are in trouble. That much even the occasional reader of newspaper headlines knows. But who are they, exactly, and what have they done to prompt the federal government to announce it was standing by with a possible multibillion-dollar bailout?"
Video: 2008 Financial Crisis and Fannie Mae, Day 3
"In the third of three days of hearings held by the bipartisan Financial Crisis Inquiry Commission (FCIC), former Fannie Mae executives Robert Levin and Daniel Mudd testified in the role of their company in the housing market collapse. They faulted Fannie Mae's backing of riskier mortgages on pressures related to increased competition from Wall Street firms and the goal of increasing home ownership. Mr. Mudd in his testimony did not apologize for his company's collapse but stated, 'I accept responsibility for everything that happened on my watch.' Congress formed the ten-member FCIC in May 2009 to examine the causes of the financial markets meltdown."
More About This Topic...
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- Video: 2008 Financial Crisis and Federal Housing Enterprise Oversight, Day 3
- Video: 2008 Financial Crisis and Citigroup Subprime Mortgages, Day 1, Panel 1
- Video: 2008 Financial Crisis and the Federal Reserve, Day 1, Part 2
- Video: 2008 Financial Crisis and the Federal Reserve, Day 1, Part 1
- Dissenting Statement of Commissioner Keith Hennessey, Commissioner Douglas Holtz-Eakin, and Vice Chairman Bill Thomas
- Testimony by Henry M. Paulson, Jr. Before the Financial Crisis Inquiry Commission
- Financial Crisis Inquiry Report
- Delinquency rates on nontraditional mortgages
- Selected Financial Market & Economic Data
- The Mysterious Ways of Fannie and Freddie