ABSTRACT

Problems in the United States surrounding home ownership, specifically the mortgage crisis, have had global repercussions. In September 2008 stock exchanges across the world were in an apparent free fall (New York Times, 2008). Global subprime-related credit losses have since been estimated at more than $400 billion and total worldwide losses for all loans and securities connected to the U.S. financial system could exceed $945 billion (Joint Economic Committee, 2008a). Although international and U.S. markets began to rebound in 2009, various analysts have predicted between 8 and 13 million foreclosures by 2014 (Congressional Oversight Panel, 2009).