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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 Financial Crisis Inquiry Commission (majority report) concluded in January 2011 that: "...the CRA was not a significant factor in subprime lending or the crisis. Many subprime lenders were not subject to the CRA. Research indicates only 6% of high-cost loans—a proxy for subprime loans—had any connection to the law.
The Subprime mortgage crisis solutions debate discusses various actions and proposals by economists, government officials, journalists, and business leaders to address the subprime mortgage crisis and broader 2007–2008 financial crisis.
In short, risky lending practices fueled a subprime mortgage crisis. Home prices peaked in the beginning of 2007, but then they plummeted, and mortgage defaults rose, and mortgage-backed ...
The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008.
Mention the term “housing bubble,” and you might conjure up nightmarish visions of 2008-2009, when the subprime mortgage crisis contributed to a crash that sent average U.S. home prices down ...
The construction industry lost more than 2 million workers following the subprime mortgage crisis, with an average of 300,000 to 400,000 unfilled construction jobs each month over the past several ...
The U.S. central banking system, the Federal Reserve, in partnership with central banks around the world, took several steps to address the subprime mortgage crisis.. Federal Reserve Chairman Ben Bernanke stated in early 2008: "Broadly, the Federal Reserve’s response has followed two tracks: efforts to support market liquidity and functioning and the pursuit of our macroeconomic objectives ...