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NOTES

Unless otherwise specified, data come from the sources listed below.
Board of Governors of the Federal Reserve System, Flow of Funds Reports: Debt, international
capital flows, and the size and activity of various financial sectors
Bureau of Economic Analysis: Economic output (GDP), spending, wages, and sector profit
Bureau of Labor Statistics: Labor market statistics
BlackBox Logic and Standard & Poor’s: Data on loans underlying CMLTI 2006-NC2
CoreLogic: Home prices
Inside Mortgage Finance, 2009 Mortgage Market Statistical Annual: Data on origination of
mortgages, issuance of mortgage-backed securities and values outstanding
Markit Group: ABX-HE index
Mortgage Bankers Association National Delinquency Survey: Mortgage delinquency and fore-
closure rates
10-Ks, 10-Qs, and proxy statements filed with the Securities and Exchange Commission: Com-
pany-specific information
Many of the documents cited on the following pages, along with other materials, are available
on www.fcic.gov.

Chapter 1
1. Charles Prince, testimony before the FCIC, Hearing on Subprime Lending and Securitization and
Government-Sponsored Enterprises (GSEs), day 2, session 1: Citigroup Senior Management, April 8,
2010, transcript, p. 10.
2. Warren Buffett, testimony before the FCIC, Hearing on the Credibility of Credit Ratings, the In-
vestment Decisions Made Based on Those Ratings, and the Financial Crisis, session 2: Credit Ratings and
the Financial Crisis, June 2, 2010, transcript, p. 208; Warren Buffett, interview by FCIC, May 26, 2010.
3. Lloyd Blankfein, testimony before the First Public Hearing of the FCIC, day 1, panel 1: Financial
Institution Representatives, January 13, 2010, transcript, p. 36.
4. Ben S. Bernanke, closed-door session with FCIC, November 17, 2009; Ben S. Bernanke, testimony
before the FCIC, Hearing on Too Big to Fail: Expectations and Impact of Extraordinary Government In-
tervention and the Role of Systemic Risk in the Financial Crisis, day 2, session 1: The Federal Reserve,
September 2, 2010, transcript, p. 27.
5. Alan Greenspan, written testimony for the FCIC, Subprime Lending and Securitization and Gov-
ernment-Sponsored Enterprises (GSEs), day 1, session 1: The Federal Reserve, April 7, 2010, p. 9.

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