Table of Contents
Commissioners vii
Commissioner Votes viii
Commission Staff List ix
Preface xi
Conclusions of the Financial Crisis Inquiry Commission xv
Part I Crisis on the Horizon
Chapter 1 Before Our Very Eyes 3
Part II Setting the Stage
Chapter 2 Shadow Banking 27
Chapter 3 Securitization and Derivatives 38
Chapter 4 Deregulation Redux 52
Chapter 5 Subprime Lending 67
Part III The Boom and Bust
Chapter 6 Credit Expansion 83
Chapter 7 The Mortgage Machine 102
Chapter 8 The CDO Machine 127
Chapter 9 All In 156
Chapter 10 The Madness 188
Chapter 11 The Bust 213
Part IV The Unraveling
Chapter 12 Early 2007: Spreading Subprime Worries 233
Chapter 13 Summer 2007: Disruptions in Funding 246
Chapter 14 Late 2007 to Early 2008: Billions in Subprime Losses 256
Chapter 15 March 2008: The Fall of Bear Stearns 280
Chapter 16 March to August 2008: Systemic Risk Concerns 292
Chapter 17 September 2008: The Takeover of Fannie Mae and Freddie Mac 309
Chapter 18 September 2008: The Bankruptcy of Lehman 324
Chapter 19 September 2008: The Bailout of AIG 344
Chapter 20 Crisis and Panic 353
Part V The Aftershocks
Chapter 21 The Economic Fallout 389
Chapter 22 The Foreclosure Crisis 402
Dissenting Views
By Keith Hennessey, Douglas Holtz-Eakin, Bill Thomas 411
By Peter J. Wallison 441
Appendix A Glossary 451
Appendix B List of Hearings and Witnesses 457
Notes 465