April 9, 2010

Fannie Mae and Freddie Mac's failure "was rooted in a culture of arrogance,” Armando Falcon, 1999 to 2005, director of the Office of Federal Housing Enterprise Oversight. "Their structure bred “greed, excessive risk taking and abuse.”

The FCIC is charged with conducting a comprehensive examination of 22 specific and substantive areas of inquiry related to the financial crisis, including:

Fraud and abuse in the financial sector, including fraud and abuse towards consumers in the mortgage sector.

The 10 members of the bi-partisan Commission, prominent private citizens with significant experience in banking, market regulation, taxation, finance, economics, housing, and consumer protection, were appointed by Congress on July 15, 2009.

The Chair, Phil Angelides, and Vice Chair, Bill Thomas, were selected jointly by the House and Senate Majority and Minority Leadership.

In its work, the Commission is authorized to hold hearings; issue subpoenas either for witness testimony or documents; and refer to the Attorney General or the appropriate state Attorney General any person who may have violated U.S. law in relation to the financial crisis.

A report of the Commission's findings is due to the Congress, President and, most importantly, the American people on December 15, 2010.