Which global financial crisis began with the collapse of the U.S. subprime mortgage market?

The global crisis linked to the collapse of the U.S. subprime mortgage market was the 2008 financial crisis.

U.S. lenders had extended many mortgages to borrowers with weaker credit, while financial institutions packaged mortgages into securities and distributed risk throughout the financial system. When house prices fell and defaults increased, the value of mortgage-related assets became uncertain. Credit markets tightened severely.

The failure of Lehman Brothers on September 15, 2008, intensified the crisis. Governments and central banks provided emergency loans, guarantees, capital injections, and interest-rate cuts. The downturn spread internationally and produced the Great Recession. The crisis is sometimes described as beginning in 2007 because major mortgage-market stress appeared earlier, but 2008 became its defining year. It should not be confused with the 1929 crash, whose causes and institutional setting were different.