Mortgage Crisis in the Us In 2008
One of the recent that US has faced in the financial sector is the current mortgage crises. It has had a downward pressure on the economic growth of the country and it is now evidence that the US economy has been receding. There has been fewer or more expensive in loans investment from both business and consumer spending which are the major drivers of the economy. The interest rates on a number of Subprimes have been adjusting upward. It has been shown that more than 2.5 million American families live in fear of having their homes foreclosed as they have been unable to refinance their mortgages. In addition the tenants and the neighborhoods alike are having the same fear since it would mean that if one house goes, all the other houses in the neighborhood would decline in value and the tax base would erode quickly.