Opening Statement of Senator Carl Levin, U.S. Senate Permanent Subcommittee on Investigations Hearing on Wall Street and the Financial Crisis: The Role of High Risk Home Loans

April 12, 2010 – (RealEstateRama) — In the fall of 2008, America suffered a devastating economic assault. It left deep wounds: millions lost their jobs; millions lost their homes. Good businesses shut down. Financial markets froze, the stock market plummeted, and once valuable securities turned worthless. Storied financial firms teetered on the edge or went under. The contagion spread worldwide. And in October 2008, American taxpayers were hit with a $700 billion bailout of Wall Street.