1.O Introduction
1.1 Background Of The Study
Several researchers have described the current financial crisis as imposing the greatest challenge to the world economy since the end of the World War 11 for this reason most of them argue that unlike past financial crisis, which were confined to particular regions. The financial turmoil is quickly spreading across continents, that unless serious actions are taken to shore up flattering economies and restore confidence in global economy, the world will face a deep and prolonged recession.
The reasons for this crisis are varied and complex. The crisis can be attributed to a number of factors pervasive in both the housing and credit markets, which developed over an extended period of time. There are many different views on the causes, including the inability of home owners to make their mortgage payments, poor judgment by the borrower and the lender, speculation and over building.
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