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How the Financial Crisis Began?
According to the Federal Reserve and various other independent financial experts, the financial crisis of 2008 was largely an extension of the sub-prime mortgage crisis resulting from a burst in housing prices, and the inability of mortgage borrowers to fulfill their payment obligations and refinance current mortgage. This led to a situation where banks didn’t have enough money for lending and normal business purposes.
Second ‘$800 billion’ Bailout and It’s Affect on US Consumer Banking
Unlike the first $700 billion stimulus package which was intended to promote inter-bank lending, the second bailout $800 billion economic stimulus package would be used to purchase consumer debt and mortgage backed securities.
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