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The Cause and Effect of the Subprime Mortgage Crisis

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The Cause and Effect of the Subprime Mortgage Crisis

The subprime mortgage crisis is an ongoing event that is affecting buyers who purchased homes in the early 2000s for a long time. The term subprime mortgage refers to the many home loans taken out during a housing bubble occurring on the US coast, from 2000-2005. The home loans were given at a subprime rate, and have now lead to extensive foreclosures on home loans, and people having to leave their homes because they can not afford the payments. (Chote) The cause and effect of this crisis can be broken down into five major reasons.
When subprime mortgages began to flourish, the term housing bubble came into existence. The term relates to the time in which houses sharply increased in value, and consumers often borrowed at less than the lowest rates. People believed that the price of their homes would rise and they could then refinance for lower payments. The problem with that mentality is many people didn’t just refinance for lower payments, they also refinanced for personal spending. Inflation of home prices meant homeowner...

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...7). “A Snap Shot of the Subprime Market”
2. “The Bubble Economy” 2008
3. Alan Greenspan (2007-12-12). "WSJ Greenspan-The Roots of the Mortgage Crisis".
4. Robert Chote. "Financial Crisis: Someone will have to dig us out of all this debt". Daily Telegraph.
5. "Criticism rains down on mortgage industry -". 2008.
6. Kelli Arena CNN Justice Department correspondent (2008-07-16). "Source: FBI investigating Indymac for fraud".

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