IBD:
The Financial Crisis Inquiry Report blames regulators for falling asleep on the job and missing all the shoddy mortgage lending. They didn't miss it. They encouraged it.
But they were only following orders from Washington politicians, who over two decades carried out a relentless and ultimately reckless crusade to ease credit for first-time homebuyers. These buyers traditionally could not qualify for a mortgage. It proved a recipe for disaster.
Predictably, these politicians enjoyed blanket immunity during the inquiry panel's 15-month "investigation."
The sham probe was led by longtime Democrat Phil Angelides, who was hand-picked by former House Speaker Nancy Pelosi. His biased report, hitting bookstores now, cites nine causes of the crisis, none of which is federal housing policy — the chief culprit.
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This is as big a scandal as the original crisis. Issa should be investigating this commission for their failure to do their job. The minority reports on this work are where the truth is found. That is particular true of Peter Wallison who has been on the hunt for some time.
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