Fannie, Freddie and the Financial Crisis: Phil Angelides

In the six months since the Financial Crisis Inquiry Commission’s report was released, a small band of critics -- with many Congressional Republicans in tow -- has labored mightily to undermine the credibility of the FCIC’s work. They have attacked the report, even as its accuracy has withstood the scrutiny of the financial industry, the media and others.

So why the assault? Part of the motivation undoubtedly is to divert attention from the report’s stark account of Wall Street recklessness and the failures of regulators and policy makers. But another reason is that nine of the 10 commissioners -- including five Democrats, three Republicans and one independent -- didn’t concur with the detractors’ view that the crisis was primarily caused by Fannie Mae and Freddie Mac, and the government’s housing policies to which the two companies were subject.