Global Financial Crisis U.S, Greek, Pigs - 2140 Words

Banking in Financial Services Assignment on Global Financial Crisis By Lavina B Israni, Roll No. 15, SYBFM, Jai Hind College Index ïÆ'Ëœ Introduction 1 ïÆ'Ëœ The U.S. Economic Crisis 1 ïÆ'Ëœ The Greek Economic Crisis 5 ïÆ'Ëœ The PIGS Economic Crisis 7 ïÆ'Ëœ Conclusion 8 ïÆ'Ëœ The Structure of the Indian Banking Industry 9 Introduction The turmoil in the international financial markets of advanced economies, that started around mid-2007, has exacerbated substantially since August 2008. The financial market crisis has led to the collapse of major financial institutions and is now beginning to impact the real economy in the†¦show more content†¦When housing prices stopped increasing in 2006, this strategy no longer worked. 4. Structure of home mortgage market: The securitization of mortgages was a process that was filled with perverse incentives to ignore the credit risks of the borrowers, and to make as much money as possible on volume and processing fees. 5. The current crisis: The housing bubble started to burst in 2006, and the decline accelerated in 2007 and 2008. Housing prices stopped increasing in 2006, started to decrease in 2007, and have fallen about 25 percent from the peak so far. The decline in prices meant that homeowners could no longer refinance when their mortgage rates were reset, which caused delinquencies and defaults of mortgages to increase sharply, especially among subprime borrowers. These foreclosure and delinquency rates are the highest since the Great Depression. Defaults and foreclosures on mortgages mean losses for lenders. In addition to losses on mortgages, there will also be losses on other types of loans, due to the weakness of the economy, in the months ahead: consumer loans (credit cards, etc.), commercial real estate, corporate junk bonds, and other types of loans (e.g. credit default swaps). It is further estimated that banks will suffer about half of the total losses of the financial sector. The rest of the losses will b e borne by non-bank financial institutions (hedge funds, pension funds, etc.). This would be a severe blow to theShow MoreRelatedThe Crisis Of The European Union1309 Words   |  6 PagesInflation, crisis, recession, fear, unemployment rise, debt, and depression are some of the commonly used phrases in relation to failing economies. There are many different factors that contribute to the downfall of an economy, whether it be the political structure, the aftermath of a war, or the role of government itself. A failing economy’s severity can vary based on the specific country’s situation. 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