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The 2008 financial crisis, also known as the global financial crisis, was a major worldwide economic crisis, centered in the United States, which triggered the Great Recession of late 2007 to mid-2009, the most severe downturn since the Wall Street crash of 1929 and Great Depression.
By January 2008, the delinquency rate had risen to 21% [117] and by May 2008 it was 25%. [ 118 ] According to RealtyTrac , the value of all outstanding residential mortgages, owed by U.S. households to purchase residences housing at most four families, was US$9.9 trillion as of year-end 2006, and US$10.6 trillion as of midyear 2008. [ 119 ]
In the years leading up to the 2008 crisis, Moody's and S&P rated tens of thousands of U.S. residential mortgage-backed securities (RMBS) and collateralized debt obligations (CDOs). They regularly inflated the ratings, giving AAA grade ratings to the majority of RMBS and CDO securities, even though many were based on high risk home loans.
A freeze in lending triggers a panic in a Western financial capital which then spreads around the globe, eventually tipping several South American countries into default. In a desperate attempt to ...
Before the crash, the housing market prophet was warning that subprime loans were probably the “greatest financial problem” for the U.S. economy, and in January 2006 wrote an article titled ...
Rahm Emanuel criticized the Democrats for being ‘blind to the rising sea of disillusionment’ that has been simmering for years in America
United States Department of the Treasury. After the freeing up of world capital markets in the 1970s and the repeal of the Glass–Steagall Act in 1999, banking practices (mostly Greenspan-inspired "self-regulation") and monetized subprime mortgages sold as low risk investments reached a critical stage during September 2008, characterized by severely contracted liquidity in the global credit ...
A Missouri woman who was seen on camera holding a broken sign from House Speaker Nancy Pelosi's office during the U.S. Capitol riot allegedly caused a crash Wednesday that left one person dead and ...