Former Federal Reserve Chairman Alan Greenspan tried to explain his version of the reasons for the global economic crisis to a congressional panel, while expressing shock and disbelief that the problems had spread so far.
In testimony before the House Committee on Oversight and Government Reform at a hearing on the role of federal regulators in the financial crisis, Greenspan noted that subprime mortgages were the root of the problem, but indicated that the real crisis stemmed from the uncontrolled securitization of those mortgages.
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