Table of Contents

The Financial Crisis Inquiry Report

• Commissioners 7
• Commissioner Votes 8
• Commission Staff List 9
• Preface 11
• Conclusions of the Financial Crisis Inquiry Commission 15
• Part I: Crisis on the Horizon 29
• • Chapter 1: Before Our Very Eyes 31
• Part II: Setting the Stage 53
• • Chapter 2: Shadow Banking 55
  • Chapter 3: Securitization and Derivatives 66
  • Chapter 4: Deregulation Redux 80
  • Chapter 5: Subprime Lending 95
• Part III: The Boom and Bust 109
• • Chapter 6: Credit Expansion 111
  • Chapter 7: The Mortgage Machine 130
  • Chapter 8: The CDO Machine 155
  • Chapter 9: All In 184
  • Chapter 10: The Madness 216
  • Chapter 11: The Bust 241
• Part IV: The Unraveling 259
• • Chapter 12: Early 2007 -- Spreading Subprime Worries 261
  • Chapter 13: Summer 2007 -- Disruptions in Funding 274
  • Chapter 14: Late 2007 to Early 2008 -- Billions in Subprime Losses 284
  • Chapter 15: March 2008 -- The Fall of Bear Sterns 308
  • Chaper 16: March to August 2008 -- Systemic Risk Concerns 320
  • Chapter 17: Setpember 2008: The Takeover of Fannie Mae and Freddie Mac 337
  • Chapter 18: September 2008: The Bankruptcy of Lehman 352
  • Chapter 19: September 2008: The Bailout of AIG 372
  • Chapter 20: Crisis and Panic 381
• Part V: The Aftershocks 415
• • Chapter 21: The Economic Fallout 417
  • Chapter 22: The Foreclosure Crisis 430
• Dissenting Views 439
• • By Keith Hennessey, Douglas Holtz-Eakin, and Bill Thomas 439
  • By Peter J. Wallison 469
• Appendix A: Glossary 567
• Appendix B: List of Hearings and Witnesses 573
• Notes 581

• Index 663