Concentrating on the problems with the mortgage lenders the most renowned issue is the one which took place in the United States of America. On September 7, 2008 it was announced that the two mortgage monsters Fannie Mae and Freddie Mac which were sponsored by the Government would be brought under the authority of Federal Housing Finance Agency by the director of the Federal Housing Finance Agency, James B. Lockhart III.
The subprime lending conducted by the Fannie Mae and Freddie Mac was also believed to have led to the crisis. After that the Lehman Brothers filed for bankruptcy on 14 Sept 2008 because the government refused for a financial support. One example of the meltdown of the financial sector is the bankruptcy of the Lehman Brothers was considered as the central point which revealed a series of subsequent events (Zhudagongzi, 2009).
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