The US subprime crisis has been building up over several years. Banks and mortgage lenders have been issuing too many high-risk home loans (called subprime loans), which is now causing havoc in the global financial system.
What Caused The Subprime Crisis?
Due to rising interest rates, falling property values and other macro-economic factors, some Americans are finding it impossible to keep up with their subprime mortgage repayments. This has caused wide-scale mortgage defaults, leading to home repossessions.
The problem is, these homes aren't worth as much as they once were. So the equity locked in the house is not enough to repay the original loan.
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