Which 2008 crisis followed the failure of Lehman Brothers and the collapse of U.S. housing finance?

The 2008 crisis that followed the failure of Lehman Brothers and the collapse of U.S. housing finance was the Global financial crisis.

The crisis grew from falling U.S. house prices, risky mortgage lending, complex mortgage-backed securities, excessive leverage, and weaknesses in financial risk management. When borrowers defaulted and housing prices declined, losses spread through banks and investors holding mortgage-related assets.

Lehman Brothers filed for bankruptcy on September 15, 2008, becoming a major symbol of the crisis. Credit markets seized up, stock markets fell worldwide, and governments and central banks introduced rescues, guarantees, emergency lending, and stimulus measures.

The crisis was not simply a stock-market event: it involved housing, banking, credit, employment, and public finances. It is sometimes called the subprime mortgage crisis for its U.S. origin, but Global financial crisis better describes its international reach and broad economic impact.