2008 mortgage crisis

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The 2008 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"[W] and was one of the major precipitating causes of the 2008 financial meltdown and subsequent economic crisis.

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  • 2008/06/25 [L..T] Money for Nothing “The Bear Stearns people dismissed my questions with ill-concealed contempt. Their computer models told them that home prices wouldn't fall much and that few people would default on their loans, barring another Depression. .. About the same time, Richard Bitner, the co-owner of a small subprime mortgage bank in Dallas, was coming to a different conclusion. Mr. Bitner wasn't relying on mathematical formulas. He was dealing with actual subprime borrowers...” The article is a review of Bitner's book Confessions of a Subprime Lender.