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The 2008 financial crisis, also known as the global financial crisis, was a major worldwide economic crisis, centered in the United States, which triggered the Great Recession of late 2007 to mid-2009, the most severe downturn since the Wall Street crash of 1929 and Great Depression.
Fannie Mae reported about $134 billion in net losses in 2008 and 2009, most of which came from loan losses and credit losses, Financial Crisis Inquiry Commission Chairman Phil Angelides said ...
In summer 2007, Countrywide Financial drew down an $11 billion line of credit and then secured an additional $12 billion bailout in September. This may be considered the start of the crisis. In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business.
The financial crisis and the recession have been described as a symptom of another, deeper crisis by a number of economists. For example, Ravi Batra argues that growing inequality of financial capitalism produces speculative bubbles that burst and result in depression and major political changes .
In 2007, he helped create Abacus 2007-AC1, a mortgage-backed security that bundled toxic sub-prime mortgages. Goldman sold Abacus to its customers, while simultaneously making short bets against it.
In June 2007, Moody’s downgraded ... “In the wake of the 2008 financial crisis, people all across the country experienced financial ruin and emotional devastation, and many are still ...
The American subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession , with millions losing their jobs and many businesses going bankrupt .
The agency has been a target of conservatives since President Barack Obama pushed to include it in the 2010 financial reform legislation that followed the 2007-2008 financial crisis.