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Lenders began to offer loans to higher-risk borrowers, [79] Subprime mortgages amounted to $600 billion (20%) by 2006. [80] [81] Speculation in residential real estate rose. During 2005, 28% of homes purchased were for investment purposes, with an additional 12% purchased as vacation homes. During 2006, these figures were 22% and 14% ...
Rating agencies lowered the credit ratings on $1.9 trillion in mortgage backed securities from the third fiscal quarter (1 July—30 September) of 2007 to the second quarter (1 April–30 June) of 2008. One institution, Merrill Lynch, sold more than $30 billion of collateralized debt obligations for 22 cents on the dollar in late July 2008.
Merrill Lynch & Co., formally Merrill Lynch, Pierce, Fenner & Smith Incorporated, was a publicly-traded American investment bank that existed independently from 1914 until January 2009 before being acquired by Bank of America and rolled into BofA Securities. The firm engaged in prime brokerage and broker-dealer activities and was headquartered ...
Investment banks Merrill Lynch and Morgan Stanley had also obtained additional capital from sovereign wealth funds in Asia and the Middle East during late 2007. [303] The major investment banks had also increased their own borrowing and investing as the bubble expanded, taking on additional risk in the search for profit.
The government interventions during the subprime mortgage crisis were a response to the 2007–2009 subprime mortgage crisis and resulted in a variety of government bailouts that were implemented to stabilize the financial system during late 2007 and early 2008. Governments intervened in the United States and United Kingdom and several other ...
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