2007 Subprime Mortgage Financial Crisis

Well you know that the sh*t has hit the fan when you have a Wiki article entitled "2007 Subprime Mortgage Financial Crisis". It was created back on March 15th of this year and has been updated quite a few times. Here is a snippet...

The subprime mortgage financial crisis was the sharp rise in foreclosures in the subprime mortgage market that began in the United States in 2006 and became a global financial crisis in July 2007. Rising interest rates increased the monthly payments on newly-popular adjustable rate mortgages and property values suffered declines from the demise of the US housing bubble, leaving home owners unable to meet financial commitments and lenders without a means to recoup their losses. Many observers believe this has resulted in a severe credit crunch, threatening the solvency of a number of marginal private banks and other financial institutions.

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