At a hearing before the Financial Crisis Inquiry Commission, former Federal Reserve Chairman Alan Greenspan defended the central bank and his role regarding subprime mortgages and other lending practices that many blame for instigating the mortgage-market meltdown. Meanwhile, a review by the Fed shows that Citigroup ran into trouble despite oversight by federal regulators. As members of the FCIC grilled Mr. Greenspan, he tried to blame the crisis on international investors that poured money into the domestic real estate market.

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