The Subprime and Foreclosure Crisis: Ten Years Later

The Work of Financial Justice is as Important as Ever

This past month marked the ten year anniversary of the onset of the Great Recession. Beginning in September 2007, and continuing at a breathtaking pace, Lehman Brothers collapsed, setting off a chain reaction during which American International Group (AIG) came to the brink of failure, disruptions requiring the Federal Reserve and Treasury Department to take unprecedented steps to provide liquidity and support to a rapidly (and globally) destabilizing financial sector; Fannie Mae and Freddie Mac were placed in conservatorship as their books of business reflected severe damage from deteriorating housing market conditions; and Congress passed the Emergency Economic Stabilization Act of 2008, which included a $700 billion Troubled Asset Relief Program.

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The Kirwan Institute for the Study of Race and Ethnicity was established in 2003 as a center for interdisciplinary research at The Ohio State University. The Kirwan Institute works to create a just and inclusive society where all people and communities have opportunity to succeed.