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Economist Paul Krugman and attorney David Min have argued that Fannie Mae, Freddie Mac, and the Community Reinvestment Act (CRA) could not have been primary causes of the bubble/bust in residential real estate because there was a bubble of similar magnitude in commercial real estate in America [71] — the market for hotels, shopping malls and ...
In October 2008, the Swiss National Bank funded a reorganization of UBS that removed bad assets from its books, and later sold its equity stake at a profit. In November 2008, the U.S. government purchased $27 billion of preferred stock in Citigroup, a USA bank with over $2 trillion in assets, and warrants on 4.5% of its common stock. The ...
Factors Contributing to Housing Bubble - Diagram 1 of 2 Domino Effect As Housing Prices Declined - Diagram 2 of 2. The following is excerpted (with some modifications) from former U.S. President George W. Bush's Address to the Nation on September 24, 2008: [2] Other additions are sourced later in the article or in the main article.
While the causes of the bubble and subsequent crash are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis, which occurred due to a high default rate and resulting foreclosures of mortgage loans, particularly adjustable-rate ...
Financial institutions suffered great losses, the housing bubble popped, and a wave of foreclosures followed. After a roughly decade-long recovery, the housing market found itself in another bust ...
[5] The commission was created by section 5 of the Fraud Enforcement and Recovery Act of 2009 (Public Law 111–21), signed into law by President Barack Obama on May 20, 2009. That section of the Act: Set the purpose of the commission, i.e., "to examine the causes, domestic and global, of the current financial and economic crisis in the United ...
Housing around the world is the most unaffordable it's been in decades, the IMF said. Affordability in the US and other nations is worse than it was prior to the 2008 crisis, data shows.
Dow Jones Industrial Average Jan 2006 - Nov 2008. Beginning with bankruptcy of Lehman Brothers at midnight Monday, September 15, 2008, the financial crisis entered an acute phase marked by failures of prominent American and European banks and efforts by the American and European governments to rescue distressed financial institutions, in the United States by passage of the Emergency Economic ...