Panelists testified on the role of high risk mortgages, focusing on Washington Mutual Bank (WaMu), which was the nation's largest thrift with more than $300 billion in assets, $188 billion in deposits, and 43,000 employees.

Bank officials testified about events that led to the bank's failure, business and accounting practices, and the role of federal regulation.

This hearing was the first of a series of hearings the subcommittee held on Wall Street and the 2008 financial crisis.