During the late 1990s and early 2000s, the American economy was robust. It was fueled by an overheated housing market with creative lending products like adjustable rate mortgages, no document loans, and home equity loans. Many of the mortgages were subprime mortgages lent to borrowers who had issues regarding poor credit history, suspect employment history or other factors which would negate them receiving a traditional mortgage. Banks would lend to individuals who were more at risk and potentially unable to repay the loan. These subprime loans would ultimately jeopardize the entire banking system and global economy. Business professors Svesson and…

Maggie Polk

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