What was the 2008 worldwide market collapse associated with the subprime-mortgage crisis called?

The 2008 worldwide market collapse associated with the subprime-mortgage crisis was part of the Global financial crisis.

The crisis grew from a combination of risky mortgage lending, rising U.S. house prices and complex securities tied to housing loans. Many borrowers could not keep up with payments when mortgage rates reset or house prices stopped rising. Financial institutions holding mortgage-related assets then faced large losses and uncertainty about one another’s solvency.

The failure of Lehman Brothers on September 15, 2008, intensified the panic. Credit markets froze, stock prices plunged and governments intervened with emergency lending, guarantees and bank-rescue programs. The turmoil spread internationally because banks and investors around the world held U.S. and European financial assets.

The market crash and the wider economic contraction are related but not identical terms. “Global financial crisis” describes the financial-system event, while the “Great Recession” refers to the subsequent international economic downturn. The crisis led to extensive regulatory reforms, including stronger capital and liquidity requirements for banks.