Answered: What are the convergence of issues that…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter12: Money, Banking And The Financial System

Section: Chapter Questions

Problem 16QP

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What are the convergence of issues that led to and caused the subprime financial crisis of 2007-2008

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Financial crisis of 2007-2008, particularly known as mortgage crisis was basically the result of collapsing of US housing market. It threateningly destroyed the financial market at international level which resulted in failure of banks, investments, insurance, savings etc. This was the worst economic recession termed as Great Depression of 2007-2009.

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