How Goldman Sachs Survived the US Mortgage Crisis
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Code : ECC0041
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Region : US |
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How Goldman Sachs Survived the US Mortgage Crisis The slow down of the US housing market coupled with the increasing interest rates that began in the late 2004 led to massive defaults of housing mortgage loans taken by customers in the US under subprime lending.2 The rising defaults on subprime lending triggered a massive financial cataclysm for the subprime lenders in the US during 2006. Unable to tackle the credit crunch, many of the mortgage lenders like New Century Financial, Countrywide Financial etc., struggled to continue their operations in the US mortgage market. Banks, who held their own subprime lending arms, also closed their subprime operations in the US. |
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