The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012. On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history.
Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets. In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble "the most significant risk to our economy."
Any collapse of the U.S. Housing Bubble has a direct impact not only on home valuations, but the nation's mortgage markets, home builders, real estate, home supply retail outlets, Wall Street hedge funds held by large institutional investors, and foreign banks, increasing the risk of a nationwide recession. Concerns about the impact of the collapsing housing and credit markets on the larger U.S. economy caused President George W. Bush and the Chairman of the Federal Reserve Ben Bernanke to announce a limited bailout of the U.S. housing market for homeowners who were unable to pay their mortgage debts.
In 2008 alone, the United States government allocated over $900 billion to special loans and rescues related to the US housing bubble, with over half going to Fannie Mae and Freddie Mac (both of which are government-sponsored enterprises) as well as the Federal Housing Administration (which is a United States Government agency). On December 24, 2009 the Treasury Department made an unprecedented announcement that it would be providing Fannie Mae and Freddie Mac unlimited financial support for the next three years despite acknowledging losses in excess of $400 billion so far. The Treasury has been criticized for encroaching on spending powers that are enumerated for Congress alone by the US constitution, and for violating limits imposed by the Housing and Economic Recovery Act of 2008.
... The Thirtieth United States Congress was a meeting of the legislative branch of the United States federal government, consisting of the United States Senate and the United States ... House of Representatives was based on the Sixth Census of the United States in 1840 ...
... Bush had become the President of the United States and had rejected the Kyoto Protocol in March 2001 as a result the United States delegation to this meeting declined to participate in the negotiations ... Mechanisms The "flexibility" mechanisms which the United States had strongly favored when the Protocol was initially put together, including ...
... In March 2007, the United States' subprime mortgage industry collapsed due to higher-than-expected home foreclosure rates (no verifying source), with more than 25 subprime lenders ... Their true weakness will finally reveal the abyss into which the housing market is about to plummet." The New York Times report connects the hedge fund crisis with lax ... a moral hazard, and worsen the speculation problem in the housing market ...
... See also Intelligent Design and Creation science In the United States some religious communities have refused to accept naturalistic explanations and tried to counter them ... states passed laws against the teaching of evolution in public schools, as upheld in the Scopes Trial ... Evolution was omitted entirely from school textbooks in most of the United States until the 1960s ...
1960) 1879 – Grace Coolidge, First Lady of the United States (d. 1960) 1883 – Clement Attlee, Prime Minister of the United Kingdom (d ... Michael Blumenthal, American businessman, civil servant, and 64th United States Secretary of the Treasury 1926 – George Martin, British record producer 1929 – Sergio ...
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