global financial crisis (GFC), a period when banks and financial markets around the world had serious problems, financial markets, places where money, stocks, and other financial products are bought and sold, banking system, all banks and financial institutions in a country or the world, downturn, a period when economic activity becomes weaker, housing market, the system of buying and selling houses, catalyst, something that causes an event to happen or speeds it up, financial system, the network of banks, institutions, and markets that manage money, incur losses, to lose money, government support, help from the government, usually money or financial assistance, bankruptcy, when a person or company cannot pay their debts, recession, a period when the economy becomes weaker and people spend less money, excessive risk-taking, taking very big financial risks that may lead to losses, macroeconomic environment, the general economic conditions of a country, inflation, when prices of goods and services increase, unemployment, when people do not have jobs, interest rate, the percentage charged for borrowing money, borrow, to take money that must be paid back later, imprudently, in a careless or unwise way, property developer, a person or company that builds houses or buildings, mortgage loan, money borrowed from a bank to buy a house, investor, a person who puts money into something to make profit, short-term profit, money earned quickly in a short period, flipping houses, buying houses and quickly selling them to make profit, subprime borrower, a person who has a high risk of not repaying a loan, default risk, the risk that someone will not repay their loan, lender, a person or organization that gives money as a loan, repayment, paying money back that was borrowed, competition, a situation where businesses try to be more successful than others, loan package, a group of loans combined into one financial product

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