See who made our list for the ''Ten Most Wanted: Culprits of the Collapse''

Anderson Cooper

Over the last couple of weeks we’ve heard politicians tell us that now is not the time to point fingers and blame people for the financial crisis. I remember them saying that in the days after Hurricane Katrina as well.

The truth is that’s what politicians always say. They mean that now is the time to fix the problem, but once the world’s attention moves on, the time for hold people accountable never seems to arrive. Politicians point fingers at members of the opposite party, but no one ever seems to take real responsibility.

So who is to blame for this financial fiasco?

That’s the question we’ve begun investigating. We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse. This week and next week, every night, we will be adding a name to the list and telling you what they have done, and how much it’s costing you.

It’s a rogues gallery of Wall Street executives, politicians, and government officials who did not do their jobs. It’s time you know their names, their faces, it’s time they be asked to account for their actions.

See who made the list…

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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#1 on our list: This time we look at you, the consumer. CNN’s Randi Kaye reports.

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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#2 on our list: former CEO of mortgage giant Fannie Mae, Franklin Raines. CNN’s Tom Foreman reports.

Program Note: Every night we add a new name to our list… Watch AC360° tonight 10p ET.
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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#3 on our list: Former CEO of Bear Sterns, James Cayne. CNN’s Gary Tuchman reports.

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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#4 on our list: Former Countrywide Financial CEO Angelo Mozilo. CNN’s David Mattingly reports.

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David Mattingly | Bio
AC360° Correspondent

Angelo Mozilo testifying at the government hearing on 'CEO Pay and the Mortgage Crisis' on March 7, 2008.

Angelo Mozilo founded Countrywide Financial and built it into a national mortgage giant. His ambition and drive to open the “American Dream” of home ownership to millions of families was unrivaled. But somewhere along the way his many critics say he turned that dream into a nightmare.

Mozilo stands accused by Attorneys General in multiple states of selling risky mortgages to thousands who could not afford them, leading to the current foreclosure crisis.

Mozilo told Congress the bad economy is to blame, but his critics blame Mozilo for the sinking economy.

He is the latest addition to our list of the 10 Most Wanted–Culprits of the Collapse.

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Ismael Estrada
AC360° Producer

The minute my wife and I walked in we knew the home was for us. It was perfect! There was plenty of room for our new baby, a huge back yard, a fantastic kitchen and tons of charm. This was just right. But there was a giant problem.

We didn’t have nearly enough money for a down payment and we already had a mortgage on our condo we were renting out and taking a loss on.

Our mortgage broker said our credit was outstanding and we could get a 100 percent loan, not a problem. I remember thinking, this guy is nuts! This is not supposed to be this easy, and can I really afford it?

We got caught up in the moment and bought the house.

This is the scenario that was played out over and over again all around the country. People getting into loans they probably shouldn’t have qualified for.

We were lucky: one year after we bought our house, I took a job out of state and we sold our home for a small profit.

But a few years later, the bottom fell out of the market and the values plummeted. People are now stuck with those crazy 100 percent loans or adjustable rate mortgages (ARMS) that now have them paying out the nose on a loan they shouldn’t have been able to sign in the first place.

Why were banks handing out money so easily? How were all these loans getting approved? Tonight, on AC360, we’ll tell you the story about the man who had originated a great many of these loans, and why he is one of the culprits of the collapse.

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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#5 on our list: Beazer Homes USA. CNN’s Gary Tuchman reports.

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So who is to blame for this financial fiasco?
That’s the question we’ve begun investigating.
We’ve put together a list of the Ten Most Wanted: Culprits of the Collapse.
#6 on our list: Former Federal Reserve Chariman Alan Greenspan. CNN’s Tom Foreman reports.

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Ben S. Bernanke
Chairman, Federal Reserve
Wall Street Journal Op-Ed

The necessary policy tools are in place.

As Americans well know, the challenges we now face in the financial markets and in the economy are both extraordinarily complex and historic in scope. I firmly believe, however, that with the actions policy makers are announcing today, we will be able to meet those challenges.

Our strategy will continue to evolve and be refined, and we will adapt to new developments and the inevitable setbacks. But we will not stand down until we have achieved our goals of repairing and reforming our financial system, and thereby restoring prosperity to our economy.

Over the past year, the Federal Reserve has actively used all its powers and authority to try to help our economy through this difficult time. Central banks around the world have also consulted closely and cooperated in unprecedented ways to reduce strains in financial markets and to bolster our economies. We will continue to do so. However, clearly the time had come for a more comprehensive and broad-based solution.

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