but the bottom line is simple. until we see the handcuffs come to wall street, we will not be able to take the necessary steps to end the ongoing schemes, restore fairness to america's financial system, and more importantly, a square deal for americans. joining us now is the chairman of the financial crisis inquiry commission, operating on a paltry $8 million budget, i might add. his panel was still able to uncover what looks and smells like evidence of financial fraud and, phil, it is a pleasure to have you back with us. thank you. >> good to be with you, dylan. >> let's talk about a couple of things in your report. first, there's a reference from clayton holdings, audited a stack of mortgages. they call it a dip-stick test, basically you look into the mortgages the banks were selling. you pointed out this in your report, 28% of those mortgages were not conforming to the legal standards required in order to sell these types of mortgages.