Short animation of the american housing market spiralling out of control. The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.

The rising defaults on subprime mortgages in the US triggered the global financial crisis. Hedge funds and banks across the world found themselves exposed, and governments are grappling with whether, and how, to help troubled banks. The US, through the Troubled Asset Relief Program, is moving to take these loans off of banks’ books.