Which 2008 crisis followed the collapse of the U.S. subprime mortgage market?

The 2008 crisis that followed the collapse of the U.S. subprime mortgage market was the global financial crisis.

U.S. lenders had issued large numbers of mortgages to borrowers with weaker credit histories. These loans were often bundled into mortgage-backed securities and more complex structured products, spreading housing-market risk through banks and investors around the world.

As U.S. house prices fell and mortgage defaults rose, the value of many securities became uncertain. The failure of Lehman Brothers on September 15, 2008, intensified the panic, while credit markets froze and stock exchanges plunged. Governments and central banks responded with guarantees, emergency lending, bank rescues, and stimulus measures.

The crisis produced the Great Recession, the deepest global downturn since the Great Depression. It is often called the 2008 financial crisis, but its effects began before 2008 and continued for years afterward.