The subprime mortgage crisis was the collective creation of the world's central banks, homeowners, lenders, credit rating agencies, underwriters, and investors.

The meltdown of the subprime mortgage market in 2007 and 2008 led to the Great Recession. Learn more about the factors that caused the financial crisis.

The subprime meltdown includes the economic and market fallout following the housing boom and bust from 2007 to 2009.

The subprime market is the business of lending money to people or businesses who are at a greater risk of default on their payments.

Subprime is a credit classification for borrowers with a tarnished or limited credit history and for loans made to such borrowers.

A subprime mortgage—now known as nonprime mortgages—is a type of loan granted to those who would not be able to qualify for conventional home mortgages.

A subprime mortgage is normally issued to borrowers with lower credit ratings. It typically carries a higher interest rate that can increase over time.

By March 2007, Bear Stearns had failed due to huge losses resulting from underwriting many of the investment vehicles linked to the subprime mortgage market.