The FCIC has finished and published the Financial Crisis Inquiry Report, and has made it available to everyone to read or download directly from their website. This report contains tons of information, so be prepared if you sit down to read it. More than 650 people were interviewed, and it contains information from millions of documents. Reading it will make you stop and think; “How did this happen?”
The report addresses many of the issues that consumers have been wanting to know about from, officials said they couldn’t see it coming, to seeing warning signs and doing nothing to change it. How could anyone not know? Banks had maids taking out loans for investment homes, some owning more than three properties. There were families with multiple bankruptcies that were buying homes because they were getting approved through subprime banks with more lenient guidelines.
This report was designed to give consumers and inside look at what is going on, and to educate us all on what we can do going forward to live with more caution and purpose when we make financial decisions. You can read the report by going to www.fcic.gov, and it will give you the option to get the report.
-Mayer Dallal
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