Learn English > English lessons and exercises > English test #51392: Global financial crisis

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Global financial crisis

The Global Financial Crisis

To trigger

To hit

To grant a loan

To live on credit

To entail

To spread

To soar

To rise

To bail out

To sell at auction

To keep

To borrow

To lend

To pay back

To go bankrupt

Global

Economic

Booming

Low / high

Weak

Huge

Risky

On the verge of

Real estate

A mortgage

A loan

A housing loan

A mortgage loan

An interest rate

A fixed rate

A floating / adjustable rate

A prime lending rate

A subprime (lending rate)

The growth

The households

A turmoil

Debts

The recession

Use these words.

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English exercise "Global financial crisis" created by woodyrun with The test builder. [More lessons & exercises from woodyrun]
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When the US economy was and the interest rates were very low , millions of Americans signed for housing . As the interest rates were low, many took on bigger loans for bigger houses. Then, due to a huge demand for , housing prices soared. Some investment banks which saw a big opportunity there, made the usual procedures to get a loan much easier and loans to households with low income or unstable jobs. These loans were granted with very high interest rates. They are called . Then, when the economy began to slow and interest rates began to , people were no longer able to pay back their . A huge began: a famous investment bank, Lehman Brothers, bankrupt and over one million homes were sold at . A rescue package was signed by the US president to stimulate economic , but the financial crisis is spreading and economists say that many countries are now on the verge of .

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