The worldwide stock-market collapse and banking crisis that intensified after Lehman Brothers failed in 2008 was the Global Financial Crisis.
The crisis developed from problems in housing finance, especially the growth of risky U.S. mortgages and complex securities tied to them. Falling house prices increased defaults and reduced the value of mortgage-related assets held by banks and investors. Credit markets became increasingly strained during 2007 and 2008.
Lehman Brothers filed for bankruptcy on September 15, 2008, after efforts to find a buyer failed. Its collapse intensified global fear about financial institutions and counterparty risk. Stock markets fell sharply around the world, while governments and central banks introduced rescues, guarantees, emergency lending, and stimulus measures.
The crisis is also called the 2008 financial crisis or the subprime mortgage crisis, although the Global Financial Crisis is the broadest label for the worldwide episode. It differed from the Great Depression, which began after the 1929 U.S. stock-market crash.