US Financial Crisis: The Role of Subprime Mortgages
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Code : ECC0017
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Region : US |
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Introduction: "The meltdown in the US real-estate market has led to a global loss of 7.7 trillion dollars in stock-market value since October,"2 reported Bank of America in February 2008. "The US Subprime mortgage crisis has led to plunging property prices, a slowdown in the US economy, and billions in losses by banks. It stems from a fundamental change in the way mortgages are funded,"3 announced BBC News. The impact of US subprime crisis that spread beyond US shores and affected many sectors worldwide is termed as one of the most vicious in financial history. |
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