November 3rd 2008 So where did this financial crisis start?
So where did this financial crisis start? Well a great way to end it will be with debt negotiation. It all started off with the real estate boom about six years ago, particularly with the sub-prime mortgage industry. There were countless amounts of people who were getting house loans that had no business getting them in the first place. Plus you throw in the fact there were scandalous mortgage dealers trying to make a buck off of these unknowing targets. The outcome of this situation is now there are large numbers of debtors are being foreclosed upon. This equals disaster for the economy and has trickled down to hurting many other monetary markets. The credit industry has been making it’s grip stronger and as a result charging these consumers ridiculous interest rates. Now we are facing major problems in the banking industry too with the bankruptcy of WaMu. In turn this banking plague negatively affects the stock exchange.