Trump International Hotel and Tower (Dubai)
The Palm Trump International Hotel & Tower was a proposed skyscraper hotel and residential complex at the trunk of the Palm Jumeirah in Dubai. It was a joint venture between the Trump Organization and Dubai-based Nakheel, a government-owned company, was announced on October 5, 2005; this building and other prestigious building projects throughout Dubai in late 2008 were never built as a result of the global credit crunch. The project was cancelled by Nakheel in February 2011, Nakheel opened Al Ittihad Park on the site in November 2012; the Trump International Hotel & Tower was to be the first development from the Trump Organization in the Middle East. During the planning phase, Donald Trump stated "When I look at potential sites for real estate investment, I concentrate on "location, location" — and this is the best location not only in Dubai but the whole of the Middle East." Christina Aguilera was booked to entertain guests at Trump's Los Angeles estate for the launch party on 23 August 2008.
The joint venture of Al Habtoor Engineering and Murray & Roberts was selected as the preferred construction bidder in late 2007, the estimated completion date was set to 2009 at a cost of US$600,000,000. Foundation work started in August 2007. By 2008, the estimated cost had increased to US$789,000,000. In late November 2008, the Trump International Hotel & Tower was one of three "landmark projects" to be delayed by Nakheel, as it was struggling with the global financial crisis. During construction, one bidder offered US$3,022 per square foot for one of the two planned penthouses. By February 2011, the status of the project was unclear. After the project was cancelled, Trump stated " were smart and we got a little bit lucky that we never started that job" in a 2014 interview. Orlando-based HHCP Design International, Inc. created the master plan for the Palm Jumeriah and the original design for the Trump International Hotel & Tower. The first design was nicknamed the "Golden Tulip" and featured a circular tower surrounded by four large golden petals attached to the sides.
The Golden Tulip design won an award from the American Resort Development Association in 2006. Trump stated that he "wasn't a huge fan of ". HHCP’s design for the tower, due to begin construction at end of next year, merges traditional Arab/Islamic design philosophies with an innovative sense of modernity; the result is an exciting and inspiring architectural icon that stands in tribute to the forward-looking spirit of the “new” Dubai—in short, an ideal property for the famous Trump style of branding. Atkins Global was asked to evaluate the HHCP design in February 2006, responded by revealing an updated concept design in November 2006; the senior design architect was Lee Morris. In Morris's design, two asymmetrical towers, linked at the 40th storey, form an archway over the Palm Jumeirah Monorail; the 62 storey-high towers feature stainless steel and stone facades, a monorail station is located at the base of the two towers. The towers were planned to include a 397-apartment residential component.
Trump International Hotel and Tower List of buildings in Dubai Trump International Hotel and Tower Dubai Official site "The Top 10 Middle East Hotels That Never Were: #1, Trump International Hotel & Tower, Dubai". Arabian Business. Retrieved 28 November 2017. "In Pics: Trump tower images revealed". Arabian Business. 11 August 2008. Retrieved 28 November 2017
Cornell University is a private and statutory Ivy League research university in Ithaca, New York. Founded in 1865 by Ezra Cornell and Andrew Dickson White, the university was intended to teach and make contributions in all fields of knowledge—from the classics to the sciences, from the theoretical to the applied; these ideals, unconventional for the time, are captured in Cornell's founding principle, a popular 1868 Ezra Cornell quotation: "I would found an institution where any person can find instruction in any study."The university is broadly organized into seven undergraduate colleges and seven graduate divisions at its main Ithaca campus, with each college and division defining its own admission standards and academic programs in near autonomy. The university administers two satellite medical campuses, one in New York City and one in Education City and Cornell Tech, a graduate program that incorporates technology and creative thinking; the program moved from Google's Chelsea Building in New York City to its permanent campus on Roosevelt Island in September 2017.
Cornell is one of ten private land grant universities in the United States and the only one in New York. Of its seven undergraduate colleges, three are state-supported statutory or contract colleges through the State University of New York system, including its agricultural and human ecology colleges as well as its industrial labor relations school. Of Cornell's graduate schools, only the veterinary college is state-supported; as a land grant college, Cornell operates a cooperative extension outreach program in every county of New York and receives annual funding from the State of New York for certain educational missions. The Cornell University Ithaca Campus comprises 745 acres, but is much larger when the Cornell Botanic Gardens and the numerous university-owned lands in New York City are considered; as of October 2018, 58 Nobel laureates, four Turing Award winners and one Fields Medalist have been affiliated with Cornell University. Since its founding, Cornell has been a co-educational, non-sectarian institution where admission has not been restricted by religion or race.
Cornell counts more than 245,000 living alumni, its former and present faculty and alumni include 34 Marshall Scholars, 30 Rhodes Scholars, 29 Truman Scholars, 7 Gates Scholars, 55 Olympic Medalists, 14 living billionaires. The student body consists of more than 14,000 undergraduate and 8,000 graduate students from all 50 American states and 116 countries. Cornell University was founded on April 27, 1865. Senator Ezra Cornell offered his farm in Ithaca, New York, as a site and $500,000 of his personal fortune as an initial endowment. Fellow senator and educator Andrew Dickson White agreed to be the first president. During the next three years, White oversaw the construction of the first two buildings and traveled to attract students and faculty; the university was inaugurated on October 7, 1868, 412 men were enrolled the next day. Cornell developed as a technologically innovative institution, applying its research to its own campus and to outreach efforts. For example, in 1883 it was one of the first university campuses to use electricity from a water-powered dynamo to light the grounds.
Since 1894, Cornell fulfill statutory requirements. Cornell has had active alumni since its earliest classes, it was one of the first universities to include alumni-elected representatives on its Board of Trustees. Cornell was among the Ivies that had heightened student activism during the 1960s related to cultural issues, civil rights, opposition to the Vietnam War. Today the university has more than 4,000 courses. Cornell is known for the Residential Club Fire of 1967, a fire in the Residential Club building that killed eight students and one professor. Since 2000, Cornell has been expanding its international programs. In 2004, the university opened the Weill Cornell Medical College in Qatar, it has partnerships with institutions in India and the People's Republic of China. Former president Jeffrey S. Lehman described the university, with its high international profile, a "transnational university". On March 9, 2004, Cornell and Stanford University laid the cornerstone for a new'Bridging the Rift Center' to be built and jointly operated for education on the Israel–Jordan border.
Cornell's main campus is on East Hill in Ithaca, New York, overlooking Cayuga Lake. Since the university was founded, it has expanded to about 2,300 acres, encompassing both the hill and much of the surrounding areas. Central Campus has laboratories, administrative buildings, all of the campus' academic buildings, athletic facilities and museums. North Campus is composed of ten residence halls that house first-year students, although the Townhouse Community houses transfer students; the five main residence halls on West Campus make up the West Campus House System, along with several Gothic-style buildings, referred to as "the Gothics". Collegetown contains two upper-level residence halls and the Schwartz Performing Arts Center amid a mixed-use neighborhood of apartments and businesses; the main campus is marked by an irregular layout and eclectic architectural styles, including ornate Collegiate Gothic and Neoclassical buildings, the more spare international and modernist structures. The more ornat
In European cuisine an hors d'oeuvre, appetizer or starter is a small dish served before a meal. Some hors d'oeuvres are served cold, others hot. Hors d'oeuvres may be served at the dinner table as a part of the meal, or they may be served before seating. Hors d'oeuvres were served between courses. Smaller than a main dish, it is designed to be eaten by hand. Hors-d'œuvre in French means "outside the work" — that is, "not part of the ordinary set of courses in a meal" or more a dish, appendant to or supportive of the main course; the French spelling is the same for plural usage. The hors d'oeuvre is known as the starter or entrée. A small number of food historians believe that the tradition may have begun in Russia, where small snacks of fish and meats were common after long travels. However, it may be that the custom originated in China coming through Steppes, into Russia, Scandinavia and other European countries; the tradition may have reached Italy and the Balkan nations through Russia or Persia.
Many national customs are related, including the Swedish smörgåsbord, Russian zakuska, Lebanese mezze, Italian antipasto. During the Roman Period the meal practice was to have two main courses which were supplemented before the meal with small amounts of fish, cheeses and stuffed dormice; these would be served at the start of the meal known as promulsis. The Greeks called the appetizer course propoma. During the Middle Ages formal French meals were served with entremets between the serving of plates; these secondary dishes could be either actual food dishes, or elaborate displays and dramatic or musical presentations. In the 14th century, recipes for entremets were made with meat, fish and vegetables. By the 15th century the elaborate display and performances were served up between courses, could be edible or displays of subjects relevant to the host, created in butter sculpture or other types of crafted work. With the introduction in the 17th century of service à la française, where all the dishes are laid out at once in rigid symmetrical fashion, entremets began to change in meaning but were still savoury.
Along with this came elaborate silver and ceramic table displays as well as pièces montées. The entremets were placed between the other dishes within the main work of the meal. At about this time in the 17th century, smaller dishes began to be served by being placed outside the main work of symmetrically placed dishes; these were known as hors d'oeuvre. Hors d'oeuvres were served as a canapé of small toasted bread with a savoury topping before a meal; the first mention of the food item was by François Massialot in 1691, mentioned in his book: Le cuisinier roial et bourgeois and explained as "Certain dishes served in addition to those one might expect in the normal composition of the feast". In the French publication Les plaisirs de la table, Edouard Nignon stated that hors d'oeuvres originated in Asia, he went on to state that the French considered hors-d'oeuvres to be superfluous to a well cooked meal. Service à la française continued in Europe until the early 19th century. After the 19th century the entremet would become exclusively a sweet dish or dessert with the British custom of the "savoury" being the only remaining tradition of the savoury entremet.
The style of formal dining changed drastically in the 19th century, becoming successive courses served one after the other over a period of time. Some traditional hors d'oeuvres would remain on the table throughout the meal; these included olives, nuts and radishes. The changing, contemporary hors d'oeuvres, sometimes called "dainty dishes" became more complicated in preparation. Pastries, with meat and cream sauces among other elaborate items, had become a course served after the soup. Food in England is influenced by other countries due to the island nation's dependence on importing outside goods and sometimes, inspiration. Many English culinary words and customs have been directly borrowed from the original French such as: cuisine, sirloin and omelette which came from the 18th century and earlier. In the late 19th and early 20th century more words and customs from culinary France made their way into England, such as éclair, casserole, à la carte, rôtisserie and hors d'oeuvre; the custom of the savoury course is of British origin and comes towards the end of the meal, before dessert or sweets or after the dessert, in contrast to the hors d'oeuvre, served before the meal.
The British favored the savoury course as a palate cleanser before drinking after the meal, which made the hors d'oeuvre before the meal unnecessary. The savoury is small, well spiced and served hot, requiring cooking just before serving. In the Victorian and Edwardian periods, savouries included such toppings as fried oysters wrapped in bacon, Scotch woodcock, a savoury made of scrambled eggs, ground black pepper and Gentleman's Relish on buttered toast, served hot. In France, cheese was part of the savoury course or added with simple fruit as a dessert. A typical Edwardian dinner might consist of up to four courses that include two soups, two types of fish, two meats, ending with several savouries sweets; the term appetizer is a synonym for hors d'oeuvre. It was first used in the United States and England in 1860. Americans use the term to define the firs
Christina María Aguilera is an American singer, songwriter and television personality. Her work has earned her five Grammy Awards, one Latin Grammy Award, a star on the Hollywood Walk of Fame, she has sold more than 75 million records worldwide, making her one of the world's best-selling music artists. In 2009, she ranked at number 58 on Rolling Stone's list of 100 Greatest Singers of All Time. Billboard recognized her as the 20th most successful artist of the 2000s, in 2013, Time included Aguilera on their annual list of the 100 most influential people in the world. Born in Staten Island, New York and raised in Pennsylvania, she appeared on the television series Star Search and The Mickey Mouse Club in her early years. After recording "Reflection", the theme for Disney's 1998 film Mulan, Aguilera signed with RCA Records. Aguilera earned the title "Pop Princess" in her early years. Aguilera earned two number-one albums on the US Billboard 200 with her self-titled debut album in 1999 and Back to Basics in 2006.
Her albums Stripped, Bionic and Liberation all reached the top-ten in the United States. Furthermore, her Spanish-language album Mi Reflejo and the holiday album My Kind of Christmas each topped Billboard component charts in 2000. Several of Aguilera's songs have experienced international success, including "Genie in a Bottle", "What a Girl Wants", "Come On Over Baby" from her self-titled debut, which each topped the Billboard Hot 100, "Dirrty", "Beautiful", "Fighter" from Stripped, "Ain't No Other Man" and "Hurt" from Back to Basics, the collaborations "Lady Marmalade", "Moves like Jagger", "Feel This Moment", "Say Something". Beyond her music career, Aguilera starred in the film Burlesque and has been featured as a coach on six seasons of the reality competition television series The Voice since 2011. Aside from her work in the entertainment industry, Aguilera is involved in charitable activities through her work as a UN ambassador for the World Food Programme. Christina María Aguilera was born in the Staten Island borough of New York City, on December 18, 1980, to Shelly Loraine Kearns, a musician, Fausto Xavier Aguilera, a United States Army soldier.
Her father is Ecuadorian, while her mother has German, Irish and Dutch ancestry. Her family moved because of her father's military service, lived in places including New Jersey, New York, Japan. Aguilera and her mother alleged that her father was physically and abusive, claims which he denied. Aguilera used music as a form of escape from her turbulent household. Following her parents' divorce when she was six years old, her younger sister Rachel, her mother, moved into her grandmother's home in the Pittsburgh suburb of Rochester, Pennsylvania. After several years of being estranged, Aguilera expressed interest in reconciling with her father in 2012. Growing up, known locally as "the little girl with the big voice", aspired to be a singer, singing in local talent shows and competitions, she won her first talent show at the age of 8, in which she performed Whitney Houston's "I Wanna Dance with Somebody". In 1990, she appeared on Star Search singing "A Sunday Kind of Love", was eliminated during the semi-final rounds.
She performed the same song during an appearance on Pittsburgh's KDKA-TV's Wake Up with Larry Richert. Throughout her youth in Pittsburgh, Aguilera sang "The Star-Spangled Banner" before Pittsburgh Penguins hockey, Pittsburgh Steelers football, Pittsburgh Pirates baseball games, in addition to the 1992 Stanley Cup Finals, she attended Rochester Area School District in Rochester and Marshall Middle School near Wexford, attended North Allegheny Intermediate High School before being homeschooled due to bullying. In 1991, Aguilera auditioned for a position on The Mickey Mouse Club, although she did not meet its age requirements, she joined the television series two years where she performed musical numbers and sketch comedy until its cancellation in 1994. Her co-stars included Ryan Gosling, Keri Russell, Britney Spears, Justin Timberlake; when she was fourteen, Aguilera recorded her first song, the duet "All I Wanna Do" with Japanese singer Keizo Nakanishi. She sent her cover version of Houston's "Run to You" to Walt Disney Pictures in hopes of being selected to record the theme song "Reflection" for their animated film Mulan.
"Reflection" peaked at number 19 on the U. S. Billboard Adult Contemporary Chart. After the recording of "Reflection", Aguilera attracted attention of RCA Records A&R Ron Fair and was signed with the label afterwards; the label started presenting Aguilera with tracks to record and laid foundation for her debut album. While catering to making Aguilera's debut a "wonder introduction of a singer" like Barbra Streisand, RCA was pressured by contemporary teen pop craze involving Aguilera's peers including Britney Spears, leading to the label rushing the production process and aligning Aguilera to be part of the teen pop trend, they decided the lead single off the album would be "Genie in a Bottle", a trendy pop and R&B track released in June 1999. The single was a major commercial success, peaking atop the Billboard Hot 100 and record charts of 20 other countries, it has sold over 7 million copies. Following the success of the single, Aguilera's eponymous debut album was released in August to commercial success, peaking at number one on the Billboard 200 and was certified eight times platinum by the Recording Industry Associa
The Wangs vs. the World
The Wangs vs. the World is the debut comic novel by Jade Chang, published in 2016. The novel chronicles the cross-country road trip of Chinese/Taiwanese immigrant Charles Wang and his family to his eldest daughter's house after Wang's bankruptcy in the wake of the financial crisis of 2007–2008; as common to immigrant families, dialogue between family members is conducted in a mix of the adopted country's language and native tongue. Charles Wang is the patriarch of a family of five, a self-made millionaire who parlayed his family connections to the urea industry into a cosmetics empire, he would bet the future of the company on the success of a new line of cosmetics designed to appeal to "ethnic" skin types, but the line was not a success. In the wake of the 2008 financial crisis, his creditors were reluctant to lend more money and repossessed his business and personal assets; the novel opens as Charles and second wife Barbra prepare to pack some clothes and personal items for a road trip from their soon-to-be-foreclosed Bel Air mansion to upstate New York, where they will live with his eldest child, daughter Saina.
They will be driving a 1980-vintage Mercedes Benz station wagon, which Charles had purchased for his first wife, May Lee, while she was pregnant with their first child. Along the way they plan to pick up the youngest child, daughter Grace, from a boarding school near Santa Barbara, middle child, son Andrew, from Arizona State University in Tempe; the novel tackles the immigrant experience in America by skewering stereotypes of Asian-Americans. The three Wang children are "creative and popular" rather than hewing to the quiet and nerdy model minority image; the American Dream figures prominently in the novel. Although he had been quite prosperous, Charles's personal thoughts turn to a quixotic reclamation of an aristocratic lineage and land in mainland China after he loses his fortune, making him believe his future lies in China, not America. Charles had embraced American ideals to the point where he urged his kids to "play the guitar and get laid," his interpretation of what America had to offer.
Despite this, America is seen as a multicultural nation where dialogue is written in untranslated Mandarin. The novel was written to show that immigrant stories were not universally filled with pain and struggle. In 2008, Chang attended an "over the top" launch party for Trump Tower Dubai, held in a Bel Air mansion, as an editor for the luxury magazine Angeleno. While waiting for the valet to retrieve her car after the party, she found an iPod Touch in her gift bag and was inspired to write about the impending upheaval: "We are about to collapse under the weight of our own excess... when the world falls apart, anything can happen. That's so scary, but it's kind of electric and exciting, too." Chang wrote The Wangs over a period of five years after that party. When Chang submitted the unsolicited manuscript to Eddie Huang's literary agent, it was accepted and publishing rights were put up for auction. Houghton Mifflin Harcourt won the bidding, made it their lead novel for October 2016. —, 2016, US, Houghton Mifflin Harcourt ISBN 978-0-544-73409-8, Pub date 4 Oct 2016, Hardback/dustjacket —, 2016, US, Houghton Mifflin Harcourt ISBN 9780544734203, Pub date 4 Oct 2016, ebook Los Wang contra el mundo, 2016, Kailas Editorial ISBN 978-84-16523-20-7 Les Wang contre le monde entier, 2017, Belfond ISBN 2714474136 La famiglia Wang contro il resto del mondo, 2017, Ponte alle Grazie ISBN 9788868335045, ISBN 9788868338381 Kimberly Glyder designed and illustrated the hardcover dustjacket.
The United States paperback cover was illustrated by Gill Heeley. The novel received positive reviews. Jason Heller, writing for NPR, cited the road trip as a particular highlight, as the forced company "makes for some side-splitting friction" and noted "their madcap trip serves as a travelogue of American weirdness," referencing the different cultures the Wangs encounter between Los Angeles and New York. Kevin Nguyen, writing for The New York Times, said the novel was "compassionate and bright-eyed" as it proved "that struggling with identity can at least be funny and strange when you struggle together with family." Sylvia Brownrigg, writing for The Guardian, called it a "richly entertaining debut" and a "smart and engaging novel."The novel was listed as one of NPR's Best Books of 2016. In January 2018, it was reported that streaming service Hulu was developing a television series adaptation of the novel. Chang will adapt her novel and Jon M. Chu will direct should the script move to pilot.
The project will be produced by Groundswell Productions. Behold the Dreamers, a debut novel with similar themes by Imbolo Mbue Chang, Jade; the Wangs vs. the World. New York, New York: Houghton Mifflin Harcourt. ISBN 978-0-544-73409-8. LCCN 2016005160. "The Wangs vs. the World". Kirkus Reviews. 19 July 2016. Retrieved 26 January 2017. Laing, Sarah. "Every millenial needs to read this debut novel". Elle Canada. Retrieved 26 January 2017. Lee, Stephan. "'The Wangs vs. the World' review: Jade Chang's debut is a charming, comic road-trip novel". Newsday. Retrieved 26 January 2017. Shea, Lisa. "Read the Riches-to-Rags Novel That Has the Literati Buzzing: Jade Chang's debut,'The Wangs vs. the World,' turns the immigrant-made-good story upside down". Elle. Retrieved 26 January 2017. Weiss-Meyer, Amy. "Hope in the Rubbl
Financial crisis of 2007–2008
The financial crisis of 2007–2008 known as the global financial crisis and the 2008 financial crisis, is considered by many economists to have been the most serious financial crisis since the Great Depression of the 1930s. It began in 2007 with a crisis in the subprime mortgage market in the United States, developed into a full-blown international banking crisis with the collapse of the investment bank Lehman Brothers on September 15, 2008. Excessive risk-taking by banks such as Lehman Brothers helped to magnify the financial impact globally. Massive bail-outs of financial institutions and other palliative monetary and fiscal policies were employed to prevent a possible collapse of the world financial system; the crisis was nonetheless followed by the Great Recession. The European debt crisis, a crisis in the banking system of the European countries using the euro, followed later. In 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act was enacted in the US following the crisis to "promote the financial stability of the United States".
The Basel III capital and liquidity standards were adopted by countries around the world. Following is a timeline of major events during the financial crisis: February 20, 2007: The Dow Jones Industrial Average hit its peak level of 12,786. Existing home sales peaked this month and began to decline. April 2007: New Century, an American REIT specializing in sub-prime mortgages, filed for Chapter 11 bankruptcy protection; this propagated the sub-prime crisis, to banks around the world. August 9, 2007: BNP Paribas, a French investment bank, blocked withdrawals from two of its hedge funds – a clear sign that banks were refusing to do business with each other. August 2007: The Federal Open Market Committee began reducing the federal funds rate from its peak of 5.25% in response to worries about liquidity and confidence. December 12, 2007: The Federal Reserve instituted the Term Auction Facility to supply short-term credit to banks with sub-prime mortgages. February 13, 2008: The Economic Stimulus Act of 2008 was enacted, which included a tax rebate.
March 17, 2008: The Federal Reserve guaranteed Bear Stearns' bad loans to facilitate its acquisition by JPMorgan Chase. July 11, 2008: IndyMac failed. July 30, 2008: The Housing and Economic Recovery Act of 2008 was enacted. September 7, 2008: Fannie Mae and Freddie Mac were taken over by the federal government. September 15, 2008: Lehman Brothers went bankrupt after the Federal Reserve declined to guarantee its loans, causing the Dow Jones to drop 504 points, its worst decline in seven years; the same day, Bank of America purchased Merrill Lynch. September 16, 2008: The Federal Reserve took over American International Group; the Reserve Primary Fund "broke the buck" as a result of massive withdrawals from money market accounts. September 21, 2008: Goldman Sachs and Morgan Stanley converted themselves from investment banks to bank holding companies to increase their protection by the Federal Reserve. September 26, 2008: Washington Mutual went bankrupt after a bank run. September 29, 2008: The House of Representatives rejected the Emergency Economic Stabilization Act of 2008 instituting the $700 billion Troubled Asset Relief Program.
In response the Dow Jones dropped its largest single-day decline. October 3, 2008: Congress passed the Emergency Economic Stabilization Act of 2008. November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. December 16, 2008: The federal funds rate was lowered to zero percent. January 2009: The Big Three automobile manufacturers received a bailout from the TARP program. February 13, 2009: Congress approved the American Recovery and Reinvestment Act of 2009, a $787 billion economic stimulus package. March 6, 2009: The Dow Jones hit its lowest level of 6,443.27. The precipitating factor for the Financial Crisis of 2007–2008 was a high default rate in the United States subprime home mortgage sector – the bursting of the "subprime bubble." While the causes of the bubble are disputed, some or all of the following factors must have contributed. Low interest rates encouraged mortgage lending. Securitization. Many mortgages were bundled together and formed into new financial instruments called mortgage-backed securities, in a process known as securitization.
These bundles could be sold as low-risk securities because they were backed by credit default swaps insurance. Because mortgage lenders could pass these mortgages on in this way, they could and did adopt loose underwriting criteria. Lax regulation allowed predatory lending in the private sector after the federal government overrode anti-predatory state laws in 2004; the Community Reinvestment Act, a 1977 US federal law designed to help low- and moderate-income Americans get mortgage loans encouraged banks to grant mortgages to higher risk families. Reckless lending by, for example, Bank of America's Countrywide Financial unit, caused Fannie Mae and Freddie Mac to lose market share and to respond by lowering their own standards. Mortgage guarantees. Many of the subprime loans were bundled and sold accruing to the quasi-government agencies Fannie Mae and Freddie Mac; the implicit guarantee by the US federal government created a moral hazard and contributed to a glut of risky lending. The accumulation and subsequent high default rate of these subprime mortgages led to the financial crisis and the consequent damage to the world economy.
High mortgage approval rates led to a large pool of homebuyers. This appreciation in value led large numbers of homeowners to borrow against their homes as an apparent windfall; this "bubble" would be burst by a r