Last year, with the global economy lying in tatters, Congress did what Congress does best: It appointed a commission to study the problem. The Financial Crisis Inquiry Commission was charged with examining the causes of the financial meltdown, as well as the collapse of major financial institutions that failed, or would likely have failed, had the American taxpayer not come to the rescue. The bipartisan commission is led by Phil Angelides, a Democrat from California; and by former House Ways and Means Committee chairman Bill Thomas, a Republican from California. As of January 13 of this year, chairman Angelides noted, 26 million Americans are unemployed or can't find full-time work, or have given up even looking for jobs. Over 2 million families have lost their homes to foreclosure in the last three years. Bank of America president and CEO Brian T. Moynihan acknowledged that it may well take a long time to rebuild public confidence.
POST-MORTEM Louise L Schiavone Mortgage Banking; Mar 2010; 70, 6; Docstoc pg. 42 Reproduced with permission
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