Housing Market

Housing And Mortgage Markets May Have Recovered, But Risks Remain

This week, the world is remembering what is called “Lehman Weekend.” A decade ago, on September 15, 2008, the giant investment bank filed for bankruptcy, triggering what is now called the Great Recession. Lehman’s problems originated in portfolios of risky, subprime housing mortgages that it had bought, and for which it was ultimately unable to find buyers. After Lehman collapsed, government interventions saved Bear Stearns, AIG, Fannie Mac and Freddie Mac, while other banks crippled by subprime loans got help through the Troubled Asset Relief Program (TARP), a $700 billion recapitalization effort.

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