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Accession Number PB2012-114350
Title Office of Financial Stability-Troubled Asset Relief Program Citizen's Report, Fiscal Year 2011.
Publication Date 2011
Media Count 24p
Personal Author N/A
Abstract The causes of the 2008 financial crisis will be studied for years. This report is not meant to provide a comprehensive analysis of why the crisis occurred, however, some reasons are clear. Over the two decades preceding the crisis, the financial system had grown rapidly in an environment of economic growth and perceived stability. Risks grew in the system without adequate transparency. Lax regulations and loopholes in supervision let firms become highly leveraged and take on too much risk. Ample credit around the world fueled an unsustainable housing boom in the first half of the last decade. When the housing market inevitably turned down, starting in 2006, the pace of mortgage defaults accelerated dramatically. By mid-2007, rising mortgage defaults were undermining the performance of many investments held by major financial institutions. The crisis began in the summer of 2007 and gradually increased in intensity and momentum over the course of the following year. A series of major financial institutions, including Countrywide Financial, Bear Stearns, and IndyMac were purchased under duress or failed; and Fannie Mae and Freddie Mac, the largest purchasers and guarantors of home loans in the mortgage market, came under severe stress.
Keywords Accountability
Asset Guarantee Program
Assets
Credit
Direct loans
Emergency Economic Stabilization Act of 2008 (EESA)
Financial analysis
Financial management
Financial markets
Internal controls
Losses
Monitoring
Taxpayers
Troubled Asset Relief Program (TARP)


 
Source Agency Department of Treasury - General
NTIS Subject Category 70F - Public Administration & Government
96F - Banking & Finance
96A - Domestic Commerce, Marketing, & Economics
Corporate Author Department of the Treasury, Washington, DC. Office of Financial Stability.
Document Type Technical report
Title Note N/A
NTIS Issue Number 1226
Contract Number N/A

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