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The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.

Many USA mortgages issued in recent years are subprime, meaning that little or no downpayment was made, and that they were issued to households with low incomes and assets, and with troubled credit histories. When USA house prices began to decline in 2006-07, mortgage delinquencies soared, and securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and USA government sponsored enterprises, tightening credit around the world.

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review by . December 13, 2008
Speaking from the point of a view of a 20 something gal who just graduated from college and has yet work at a full time job in California yet....this mortgage crisis is only one of about 5 things in the economy that is not on my side whatsoever.    I'm not saying that I wish I had graduated earlier and been able to buy a house already because I wouldn't want to be in the position of possibly having my house foreclosed.. but I feel at the same time I wouldn't have gone into purchasing …
review by . December 17, 2008
I feel that the mortgage crisis is a cruel, unnecessary, and stressful event for many people in the United States. Innocent people, suffering from job losses and other circumstances beyond their control, are being punished with the loss of their houses due to the inability to pay the mortgage. These circumstances tend to not be their fault, yet they suffer the consequences anyway. It is so unfair, and it makes me sick to think that it just keeps getting worse. If the mortgage crisis is to be solved, …
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