It has been more than three years since the housing bubble burst, but the economy is still reeling from its widespread negative impacts on the financial system, employment, and asset values. Not only did the collapse drag the US economy down into the deepest recession in seventy years, but it also shook the entire global economy and the world’s financial system to its core.

The issue is serious and deserves a careful analysis to avoid the repeat of cascade that pushed six million homeowners in foreclosure and forced more than 10 million people into unemployment.

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