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The article discusses the U.S. financial crisis, referred to as the U.S. subprime crisis, and foreclosure rates in U.S. neighborhoods. The author describes the origins of the crisis and the evolution of home foreclosures that followed. The author also discusses the so-called Neighborhood Stabilization Program, the U.S. federal government response to the foreclosure problem. The article attributes the U.S. subprime crisis to a direct link that existed between global capital markets and homeowners and a lack of oversight and restraint in the public sector.
