KIC000023 - I Broken windows II Hoos~ crtces 012005-100 i...

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--- , I Broken windows II Hoos~ crtces, 012005-100 i ---130 lreland - Spor:n , ~~ ""'-Brib" 110 AfL/ """"'- 110 100 Germany "- , l)rriLed~U:t..I~ 90 I , , ~ , , ac lO'" os " oe 0" , '1ucit;"tt>ml'"'Sitl! ! 1UlliJl;J.-"'DtIU\~\ ..... Soorci1':St~/r~Shll\er; NI1I(IlMdt; 1S~1;1f:,1~' !J'''''''''''''''''' officI:) Sou ... Ec~ Subprime Meltdown in 2007 ,. In the summer of 2007, there was a crisis in the subprimc MBS market and this crisis, it has been argued, led 10 a credit and liquidity crisis that had a rippling impact on other sectors ofthe credit market 85well as the equity market > This episode is referred to as the "subprime meltdown:' .;. In keeping with the history of financial innovation bashing, there have been overreactions, misinformanon, and widely differing viewpoints regarding the crisis. .;. Some marker observers saw it as the inevitable bursting of the "housing bubble" that had characterized Ute housing market in prior years. .:- Others viewed it as the product of unsavory practices by mortgage - lenders who deceived subprime borrowers into purchasing homes that they could 1I0t afford. < ",.,.,~" ",:",,~,,",'" ,; "O''',~'' .,~,:*,,'"" ,.","'." ,1" Subprime Meltdown in 2007 (continued) .} Specific mort~age designs such as hybrid loans made it possible for R subprime
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