Panel got the wrong people. Try getting Moody analysts who had no loan data from the client banks when they tried rating their mortgage back securities and somehow with the lack of data rated the products AAA. Try asking borrowers of prime mortgages why they put a huge salary on their applications when their tax filing showed otherwise. Try asking the bank underwriting departments why they did not validate the info on loan applications and why they created high RICO ratings for loan applicants to cover the bad credit scores. All these discrepencies can be tracked and documented and the people involved can be hauled in front of Congress for an explanation. All this does not involve new regulations but rather exsisting regulations. Before Congress uses these hearings to create new rules and regs, they should be using these hearings to determine if existing rules and regs were violated and why no one in the government is pursuing these cases.
Agreed, This is just a sophistcated CYA operation. The Dems do NOT want to face the music,as usuual.Therefore no fix is possible.
It will ruin the country.