What name is given to the worldwide financial crisis that began in 2007 and intensified in 2008?

The worldwide financial crisis that began in 2007 and intensified in 2008 is called the Global Financial Crisis. It grew from problems in the U.S. housing and mortgage markets, especially risky subprime lending and the complex securities built from mortgage debt.

As home prices fell and borrowers defaulted, financial institutions suffered large losses. The failure of Lehman Brothers on September 15, 2008, became a defining moment, while governments and central banks introduced emergency lending, guarantees, and rescue programs to prevent a still broader collapse. Stock markets fell sharply around the world.

The crisis is often shortened to the 2008 financial crisis, but its roots appeared in 2007 and its consequences continued for years. It is different from the European sovereign-debt crisis, which became especially prominent after 2009 and centered on government borrowing and banking stress in Europe.