15 Years Ago: The Genesis of the Financial Crisis of 2007-2008

2006: After years of above-average home sales price increases, housing prices peaked and mortgage loan delinquency rose, leading to the United States housing bubble. 

Due to increasingly lax mortgage underwriting standards (which were inevitable in light of government mandates requiring that 30–55% of all mortgages sold to Fannie Mae and Freddie Mac be subprime), one-third of all mortgages in 2006 were such loans.

The financial crisis of 2007–2008, also known as the Global Financial Crisis, was a severe worldwide economic crisis. Prior to the COVID-19 recession in 2020, it was considered by many economists to have been the most serious financial crisis since the Great Depression (1929 through the late 1930s).