01/31/2011 05:18 pm ET Updated May 25, 2011

FCIC Misses The Point: Why Was There Demand For Bad Loans?

In common with other accounts of the financial crisis, the Financial Crisis Inquiry Commission report notes that mortgage underwriting standards were abandoned, allowing many more loans to be made. It blames the regulators for not standing pat while this occurred. However, the report fails to ask, let alone answer, why standards were abandoned.

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