Excerpts via CNN.
Among the discoveries: As early as 2004, the FBI warned that an "epidemic" of mortgage fraud would cause a crisis if not contained. "It's been eye-opening," Angelides said in an interview with CNNMoney. "We've heard for a year how folks on Wall Street and people in Washington didn't see it coming."
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"Clearly there was fraud and clearly, you don't want it to continue," said commission member Keith Hennessey, who was director of the National Economic Council under former President George W. Bush. "I just don't know how high it ranks in the range of factors, because there are a lot of forces that caused or contributed to the crisis."
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