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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.
In early October 2008, the Keating Five scandal, its possible parallel to the subprime mortgage crisis and 2007–2008 financial crisis, and specifically the role in the scandal of Republican presidential nominee McCain, were briefly emphasized by the campaign of his Democratic opponent, Barack Obama, through a 13-minute "documentary" entitled ...
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 ...
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 ...
Dr. Ron Paul, U.S. Congressman, Texas District 14, former candidate for Republican nomination for U.S. President; Chuck Baldwin, 2008 presidential candidate for the Constitution Party
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.
The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble, the 2005 housing bubble burst and the subprime mortgage crisis which developed during 2007 and 2008.