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how it happened/what happened-
Mortgages(someone who wants to buy a house will have to take out a loan from the bank, and pay them every month a "portion of the principle", interest included.)
Default- when they stop paying or are unable to. When they default, the bank gets the house
Investors started to look at the Housing market for a low risk high return investment.
to avoid complication, they made "mortgage backed-securities".
Mortgage backed-securities are large financial institutions that have taken a liquid asset (turned into a security) then sold parts of it to investors. Because housing prices were going up, the investors believed that if the homeowners defaulted out, that they could just sell the house for more money.
investors wanted more money, so they looked to the lenders (banks). To do this, lenders needed to make more mortgages; thus making loans to people with poor credit. These are called Sub-prime mortgages.
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