Financial meltdown of 2007–08, also known as subprime mortgage crisis, severe contraction of liqu housing industry. It threatened to destroy the worldwide system that is financial triggered the failure (or near-failure) of a few major investment and commercial banking institutions, mortgage brokers, insurance providers, and savings and loan associations; and precipitated the fantastic Recession (2007–09), the worst economic downturn considering that the Great Depression (1929–c. 1939). Reasons for the crisis Even though the.. Read More