Greenspan, Rubin, Citi officials grilled in subprime probe

As the nonpartisan, underfunded Financial Crisis Inquiry Commission prepared this morning for former Fed chairman Alan Greenspan's testimony today and a long list of ex-Citigroup officials culminating with former CEO Charles Prince and his former top lieutenant, ex-US Treasury secretary Ronald Rubin, tomorrow, the group issued preliminary reports suggesting its staff blames loan sales (e.g., the top five home loan securitizers all failed), loose regulation of Fannie Mae and Freddie Mac, and complex Federal Reserve bank regulation more than national housing policy and the Community Reinvestment Act in the subprime-lending blow-up.

More on the hearings here, reports here, AP story here.