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US housing crisis led to meltdown

Posted on 22 November 2010

From Scotsman.com: The origins of the banking crisis date back to between 2004 and 2006 in the United States, when interest rates rose from 1 per cent to 5.35 per cent, triggering a slowdown in the housing market.
Homeowners began to default on their mortgages. The impact was felt across the financial system as many of the mortgages had been bundled up and sold on to banks and investors……………………………………….Full Article: Source


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