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Misperceptions about the key drivers and impacts of the 2008 housing crisis persist — and clarifying those will ensure the same mistakes aren't repeated, Wharton experts say.
The expansion of mortgages to high-risk borrowers, coupled with rising house prices, contributed to a period of turmoil in financial markets that lasted from 2007 to 2010. A sign advertising refinancing services is posted in a vacant lot April 29, 2008, in Stockton, California.
In 2008, the housing market bubble burst when subprime mortgages, a huge consumer debt load, and crashing home values converged. Homeowners began defaulting on the home loans.
Contrary to conservative arguments, the 2008 housing crisis was caused by unregulated and loosely regulated private financial entities—not the federal government’s support for homeownership.
Discover the confluence of events that prompted the Great Recession in America and its main culprit: the subprime mortgage housing crisis.
One story of the housing crisis goes like this: Government programs that helped low-income households purchase houses led to widespread defaults on the subprime loans they held, sparking the ...
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions losing their jobs and many businesses going bankrupt.
The main goal of this project was to gain insight into the determinants and broader implications of the 2007-2009 housing and mortgage crisis in the United States. The first part of the research investigated the role of real estate investors.
The subprime meltdown was an event that followed a sharp increase in high-risk mortgages defaulting resulting from the housing boom and bust of 2007–2009.
The 2007–2008 financial crisis, or the global financial crisis (GFC), was the most severe worldwide economic crisis since the 1929 Wall Street crash that began the Great Depression. Causes of the crisis included predatory lending in the form of subprime mortgages to low-income homebuyers and a resulting housing bubble, excessive risk-taking ...