Although the subprime mortgage market problem began in the United States,the first indication of the seriousness of the crisis began in
A)Europe.
B)Australia.
C)China.
D)South America.

Question

Quizplus · Accepted Answer

The first indication of the seriousness of the subprime mortgage market problem was seen in mid-2007 when several large European banks such as BNP Paribas and Northern Rock announced that they were having difficulty in valuing the assets backed by subprime mortgages. This led to a liquidity crisis in the global financial markets, which ultimately resulted in the Great Recession.

Although the Subprime Mortgage Market Problem Began in the United