Özet:

The most important fact which has caused global financial crisis that has started to show effects from the second half of 2007 is subprime credit crisis which has boomed in United States of America. Volume of subprime mortgage loans has started to increase because of suitable economic conditions, those subprime mortgage loan receivables have been intensively securitized and risky high-volume securities backed by those mortgages have been issued. With the start of subprime home loan debtors’ failure to repay, the values of mortgage backed securities issued in consequence of securitization of receivables that has arose from subprime credits have started to decrease. The banks that have taken into consideration possible losses in future have stopped giving loan to one another with rising distrust and all of credit market has started to shrink. The presence of investors from all over the world in high volume collateralized debt obligation market has carried the crisis to other countries. The crisis seen firstly in USA housing market has started to affect all countries’ economies in many ways in a short time and turned to global financial crisis. With these events, economies of many countries have shrunk and serious economical and social problems have appeared.

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