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Subprime Mortgage Crisis

The subprime 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．The crisis，which has its roots in the closing years of the 20th century，became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and theglobal financial system．

Approximately 80%of US mortgages issued in recent years to subprime borrowers were adjustable-rate mortgages．When US house prices began to decline in 2006-2007，refinancing becamemore difficultand as adjustable-ratemortgages began to reset at higher rates，mortgage delinquencies soared．Securities backed with subprime mortgages，widely held by financial firms，lost most of their value．The result has been a large decline in the capital of many banks and USA government sponsored enterprises，tightening credit around the world．

The crisis began with the bursting of the United States housing bubble which peaked in approximately 2005-2006．High default rates on“subprime”and adjustable rate mortgages(ARM)，began to increase quickly thereafter．Lax regulation，deregulation of government policies and investment fromthe private sector had greatly increased Wall Street's involvement in higher-risk lending．Subprime mortgages increased 292%，from2003 to 2007．An increase in loan incentives such as easy initial terms and a long-term trend of rising housing prices encouraged borrowers to assume difficult mortgages in the belief they would be able to quickly refinance at more favorable terms．However，once interest rates began to rise and housing prices started to drop moderately in 2006-2007 in many parts of the US，refinancing became more difficult．Defaults and foreclosure activity increased dramatically as easy initial terms expired，home prices failed to go up as anticipated，and ARMinterest rates reset higher．Foreclosures accelerated in the United States in late 2006 and triggered a global financial crisis through 2007 and 2008．

Although they had been issued and traded for decades，the amount of financial agreements called mortgage-backed securities(MBS)，which derive their value from mortgage payments and housing prices，greatly increased around the beginning of the 21st century．These financial agreements and others derivative to them allowed financial institutions and investors around the world to invest in the US housing market．The market for MBS composed of subprime loans developed late in the US housing boom，but grew very quickly．Major banks and financial institutions had borrowed and invested heavily in subprime MBS and reported losses of approximately US$435 billion as of 17 July，2008．The liquidity and solvency concerns regarding key financial institutions drove central banks to take action to provide funds to banksto encourage lending to worthy borrowers and to restore faith in the commercial paper markets，which are integral to funding business operations．Governments also bailed out key financial institutions，assuming significant additional financial commitments．

The risks to the broader economy created by the housing market downturn and subsequent financialmarket crisis were primary factors in several decisions by central banks around the world to cut interest rates and governments to implement economic stimulus packages．These actions were designed to stimulate economic growth and inspire confidence in the financialmarkets．Effects on global stock markets due to the crisis have been dramatic．Between 1 January and 11 October2008，owners of stocks in US corporations had suffered about$8 trillion in losses，as their holdings declined in value from$20 trillion to$12 trillion．Losses in other countries have averaged about40%．Losses in the stock markets and housing value declines place further downward pressure on consumer spending，a key economic engine．Leaders of the larger developed and emerging nations met in November 2008 and March 2009 to formulate strategies for addressing the crisis．As of April 2009，many of the root causes of the crisis had yet to be addressed．A variety of solutions have been proposed by government officials，central bankers，economists，and business executives．

The crisis can be attributed to a number of factors pervasive in both housing and credit markets，factors which emerged over a number of years．Causes proposed include the inability of homeowners to make their mortgage payments，due primarily to adjustable rate mortgages resetting，borrowers overextending，predatory lending，speculation and overbuilding during the boomperiod，risky mortgage products，high personal and corporate debt levels，financial products that distributed and perhaps concealed the risk of mortgage default，monetary policy，international trade imbalances，and government regulation(or the lack thereof)．Two important catalysts of the subprime crisis were the influx ofmoneys fromthe private sector and banks entering into the mortgage bond market and the predatory lending practices of mortgage brokers，specifically the adjustable rate mortgage，2-28 loan．Ultimately，though，specific to the bailout ofWall Street and the financial industry moral hazard lay at the core ofmany of the causes．

In its Declaration of the Summit on Financial Markets and theWorld Economy，dated 15 November 2008，leaders of the Group of 20 cited the following causes:

During a period of strong global growth，growing capital flows，and prolonged stability earlier this decade，market participants sought higher yields without an adequate appreciation of the risks and failed to exercise proper due diligence．At the same time，weak underwriting standards，unsound risk management practices，increasingly complex and opaque financial products，and consequent excessive leverage combined to create vulnerabilities in the system．Policy-makers，regulators and supervisors，in some advanced countries，did not adequately appreciate and address the risks building up in financial markets，keep pace with financial innovation，or take into account the systemic ramifications of domestic regulatory actions．