The FCIC Republican Commissioners have released a Financial Crisis Primer including preliminary findings and conclusions that will be included in the report required by the Fraud Enforcement and Recovery Act of 2009. The Primer represents a portion of the findings and conclusions resulting from the FCIC’s work. The FCIC noted that since the transmission of the report of the FCIC to the President and Congress requires a majority vote of the Commission, these findings and conclusions do not constitute the Commission’s report. The FCIC will deliver its report in January based on facts and evidence from its more than year-long investigation—including 19 days of public hearings, an analysis of hundreds of thousands of documents and interviews with more than 700 witnesses. The report will also include the Commission’s findings and conclusions as to the causes of the financial crisis based on this inquiry.
House Speaker-designate John Boehner, R-Ohio, issued the following statement in response to the Primer: “This eye-opening report details how government mortgage companies played a pivotal role in the financial meltdown by handing out high-risk loans to families who couldn’t afford them.”
“It is my hope that sobering reports like this will more clearly define the real problems facing our economy,” stated Financial Services Committee Chairman-elect Spencer Bachus, R-Ala. He asserted that the top priority in the next Congress will be “winding down the government sponsored enterprises that were at the heart of the crisis and received the largest bailout of them all.”