Sub Prime Crisis
This has been the saying all this past year. The USA housing market has crashed big time after reaching their peaks with high interest rates.
What has happened is that people with poor credit history managed to get loans from lenders at high interest rates and these people obviously did not have that much income to pay their monthly dues. This is how it all began.
The losses due to the subprime mortgages have been estimated to be above 2 trilion dollars and institutions like Citibank and others have faced losses in access of 25 billion. The only way these poor people who have lost their homes can get it back is home they get lucky in vegas or win at Online Bingo. Sadly this is the state!