Mortgages became easier to get, with fewer standards in place to ensure borrowers could repay them. What Caused the Great Recession?īanks and mortgage lenders became increasingly predatory with their lending practices in the years leading up to the Great Recession.
As a result, unprecedented reforms and bailouts were implemented that are still in place today. What started as a classic tale of greed and deregulation ended in a global crisis that caused six million households to lose their homes. Domestic product declined 4.3%, the unemployment rate doubled to more than 10%, home prices fell roughly 30% and at its worst point, the S&P 500 was down 57% from its highs.
The Great Recession of 2008 to 2009 was the worst economic downturn in the U.S.
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