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NBC was the only network to assign a reporter to cover House committee hearings investigating the role of FannieMae and FreddieMac in inflating the bubble that was once the housing market. Testifying were four former chief executives of the mortgage guarantee firms. Lisa Myers mentioned that while they had been paid millions during the boom, "much of that was in stock--which became worthless." Citing unidentified "experts," Myers explained that the now-nationalized institutions are not to blame for triggering the crisis: "Private lenders started the downward spiral, exerting pressure on Fannie and Freddie." Subsequently the two firms "played a significant role in the financial meltdown because they lowered their own standards and helped spread toxic mortgages throughout the financial system."
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