This is an involved topic, you need to read the linked pages carefully and respond.
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You can also refer to other Federal Reserve Bank or Government sources (www.bls.gov, (Links to an external site.)www.bea.gov) to bolster your argument or conduct more research on the topic.
Please read the pages in the following link CAREFULLY AND COMPLETELY, and answer the following questions briefly (not more than five sentences for EACH response)
http://sffed-education.org/econanswers/crisis.htm (Links to an external site.)
1. Explain the role of incentives in the housing loan and credit markets particularly with Subprime loans
2. How did the mortgage crisis impact the financial system?
3. Explain the Credit Crunch that happened, and how that impacted the economy further.