Even today, there are few references in the media to the number of NTMs [Non-Traditional Mortgages] that had accumulated in the U.S. financial system before the meltdown began. Yet this is by far the most important fact about the financial crisis.None of the other factors offered by the Commission majority to explain the crisis—lack of regulation, poor regulatory and risk management foresight, Wall Street greed and compensation policies, systemic risk caused by credit default swaps, excessive liquidity and easy credit—do so as plausibly as the failure of a large percentage of the 27 million NTMs that existed in the financial system in 2007.
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