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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.
Regulatory responses to the subprime crisis addresses various actions taken by governments around the world to address the effects of the subprime mortgage crisis. Regulators and legislators are considering action regarding lending practices, bankruptcy protection, tax policies, affordable housing, credit counseling, education, and the licensing .
Subprime mortgage lending jumped dramatically during the 2004–2006 period preceding the crisis. [9]The immediate cause of the crisis was the bursting of the United States housing bubble which peaked in approximately 2006.
Subprime lending was one of the main drivers of the financial crisis that fueled the Great Recession. In the years leading up to the economic meltdown, lenders approved many subprime mortgages ...
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 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 ...
Loans with high-risk features made in 2007 made up 29% of Fannie Mae's loans but accounted for 58% of the losses, 28% of the loans in 2008 but 75% of the losses, and 24% of 2009 loans but 69% of ...
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.