2008 United States housing and financial crisis

E23718

economic crisis financial crisis housing market crash recession

The 2008 United States housing and financial crisis was a severe economic downturn triggered by the collapse of the housing bubble and widespread mortgage defaults, leading to major financial institution failures and a global recession.

Aliases (6)

Statements (58)

Predicate	Object
instanceOf	economic crisis → financial crisis → housing market crash → recession →
alsoKnownAs	2008 financial crisis in the United States → U.S. subprime mortgage crisis →
cause	United States housing bubble → complex derivatives such as CDOs → credit bubble → excessive risk-taking by financial institutions → failure of credit rating agencies → high household leverage → housing price collapse → lax financial regulation → overvaluation of housing assets → predatory lending practices → securitization of mortgage-backed securities → shadow banking system vulnerabilities → short-term wholesale funding dependence → subprime mortgage crisis → widespread mortgage defaults →
country	United States →
effect	Great Recession → collapse of major financial institutions → credit crunch → decline in business investment → decline in consumer spending → global financial crisis of 2007–2008 → global recession → increase in government debt → large number of home foreclosures → loss of household wealth → rise in bank failures → sharp rise in unemployment in the United States → stock market crash of 2008 → tightening of lending standards →
endTime	2009 →
followedBy	Dodd–Frank Wall Street Reform and Consumer Protection Act → quantitative easing policies by the Federal Reserve → strengthened financial regulation in the United States → stress testing of major banks in the United States →
location	Wall Street →
majorEvent	Bear Stearns collapse and rescue → Federal Reserve emergency lending programs → TARP bailout program → conservatorship of Fannie Mae and Freddie Mac → failure of Lehman Brothers → government rescue of AIG →
peakTime	2008 →
relatedTo	European sovereign debt crisis → Great Depression → global financial crisis of 2007–2008 →
sectorAffected	banking sector → construction industry → consumer finance → global financial markets → housing market →
startTime	2007 →

Referenced by (21)

Subject (surface form when different)	Predicate
2008 United States housing and financial crisis ("United States housing bubble") → 2008 United States housing and financial crisis ("subprime mortgage crisis") → U.S. auto industry crisis of 2008–2010 ("Great Recession") →	cause
Automotive Industry Financing Program ("late-2000s financial crisis") → Automotive Industry Financing Program ("Great Recession") → Great Recession recovery ("Great Recession") →	follows
Eurozone crisis ("Great Recession") → U.S. auto industry crisis of 2008–2010 ("Great Recession in the United States") →	relatedTo
2008 United States housing and financial crisis ("U.S. subprime mortgage crisis") →	alsoKnownAs
2008 United States presidential election ("Great Recession in the United States") →	context
Great Moderation ("Great Recession") →	contrastedWith
2008 United States housing and financial crisis ("Great Recession") →	effect
Office of Financial Stability (historical) ("Great Recession") →	hasTemporalContext
United States housing policy →	historicalEvent
Bear Stearns ("subprime mortgage crisis") →	keyRoleIn
Dodd–Frank Wall Street Reform and Consumer Protection Act ("Great Recession") →	motivatedByEvent
Washington Mutual ("subprime mortgage crisis") →	partOf
Great Moderation ("Great Recession") →	precedes
Troubled Asset Relief Program ("Great Recession") →	relatedToEvent
Housing and Economic Recovery Act of 2008 ("subprime mortgage crisis") →	respondsTo
Public Law 111-203 ("Great Recession") →	responseTo