The Financial Crisis of 2007-2009: Causes and Contributing Circumstances

Abstract

This paper comprehensively examines the causes of the financial crisis of 2007-2008. This paper was prepared on behalf of the Task Force on the Causes of the Financial Crisis, a subgroup of the Task Force on Regulatory Reform of the Committee on Banking Law, Section of Business Law, American Bar Association.

This paper reflects the individual views of the author and contributing members of Task Force and was prepared for the use of the members of the Task Force in their individual capacities only. This paper has not been adopted by and does not represent the official views of the American Bar Association or any committee thereof.

Keywords: financial crisis, causes, banking system, financial institutions, banks, banking organizations, banking institutions, banking agencies, mortgage, subprime, chronology, causes, circumstances