The global financial crisis of 2008 was started from the financial crisis in the US then quickly spread, depress the global economic. In the early 2000s, there was a huge increase in the riskiest loans, called subprime. But when thousands of subprime loans were combined to create CDOs, many of them still received AAA ratings. The investment banks actually preferred subprime loans, because they carried higher interest rates. This led to a massive increase in predatory lending. The mortgage banking real estate without regard to ability to pay guest. Many loans were given to people who could not repay them. At the same time, the debt is transferred from one person to another through the process of chemical bond debt to investors. Before this situation, banks, insurance companies, financial institutions ... bought the mortgage contract and turn them into collateral to issue bonds to the market. This type of derivative products are highly rated by the credit rating institutions, so the good liquidity. Not only that, many insurance companies, including AIG, also willing to bail out this swap contracts. Since anyone could get a mortgage, home purchases and housing prices skyrocketed. Chain operations speculative nature did heat up the housing market, housing prices were pushed up, become "bubble". "Bubble" explosion is inevitable. In august 2007, a number of credit institutions of American such as New Century Financial Corporation as to the procedures for bankruptcy. Others fall into its stock price took strong as Countrywide Financial Corporation. Many depositors in the credit institution had to fear and to withdraw the money, which causes the phenomenon of sudden to withdrawal of deposits made to that organizations that more and more difficult. Scarcity of credit risk are formed. The true financial crisis officially began. The result is a range of credit institutions affected. September 15, 2008 Lehman Brothers collapsed, marking the largest bankruptcy in US, Merrill Lynch and Bank of America Corp was acquired. Share prices continued to tumble in the aftermath of the Lehman collapse.
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