Global financial crisis

A severe disruption in financial markets and institutions that spreads across multiple countries, impairing credit, trade, and economic activity.

Subprime mortgage crisis: A wave of defaults on high-risk U.S. home loans that began accelerating in 2006. Rising defaults in these loans triggered losses that spread through mortgage securities.
U.S. housing bubble: A rapid rise in U.S. home prices that reversed in the mid-2000s. The price reversal weakened mortgage collateral and exposed risky lending.
Ben Bernanke: An American economist who chaired the Federal Reserve from 2006 to 2014. He led the central bank during the acute U.S. phase and its emergency interventions.
Great Recession: The severe global economic downturn that began in 2007–2009, with timing varying by country. The financial shock drove a deep contraction in output and employment.
Mortgage-backed security: A financial security whose payments come from a pool of mortgage loans. Securitized mortgages carried U.S. housing risk into portfolios around the world.
Subprime lending: The provision of loans to borrowers with weak or limited credit histories. Loose underwriting expanded the pool of mortgages vulnerable to default.
Henry Paulson: An American financier who served as U.S. Treasury secretary from 2006 to 2009. He helped shape the government’s response, including the 2008 bank rescue legislation.
Troubled Asset Relief Program: A 2008 U.S. government program authorizing purchases and guarantees of troubled financial assets. It became a central instrument in the U.S. effort to stabilize financial institutions.
Credit default swap: A contract in which one party pays for protection against a borrower’s or bond issuer’s default. Widespread CDS exposures magnified uncertainty about who would bear financial-institution losses.
Deregulation in the United States: The reduction or removal of government rules governing U.S. economic activity and industries. Regulatory choices shaped the oversight of complex finance and mortgage lending.

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