when did the financial crisis start in 2008
Financial crisis of 2007–2008 High mortgage approval rates led to a large pool of homebuyers, which drove up housing prices. This appreciation in value led large numbers of homeowners (subprime or not) to borrow against their homes as an apparent windfall. This "bubble" would be burst by a rising single-family residential mortgages delinquency rate beginning in August 2006 and peaking in the first quarter, 2010.[20]
Finance Commission Major Recommendations of 14th Finance Commission headed by Prof. Y V Reddy
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