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Quick Facts

• The current credit crisis in America has been called a subprime mortgage crisis
• Foreclosure activity increased 79% in the US in 2007
• The first affected are mortgage lenders
• Major banks the world over have reported losses of US$435 billion
• The credit crisis has led to reduced lending activity

Credit crisis is an acute economic problem characterized by reduced liquidity in the global credit markets and banks. Any delay or indiscretion in correctly assessing the situation may trigger off major economic crises. The world is currently (2008) going through a major credit crisis. It was triggered off by the bursting of the US housing bubble. That led to very high default rates exacerbated by falling housing prices. Defaults and foreclosure activity increased. Foreclosures in the US resulted in a global financial crisis in 2007 and 2008. Major banks and other financial institutions around the world have reported huge losses in 2007. Stock markets in most countries witnessed very heavy selling. There are severe impacts on the job... Read more

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