Effects of Global Economic Meltdown

Abstract

India, despite its robust industrial growth and burgeoning economy, could not entirely keep itself insulated from the 2007-08 global financial crisis. The mortgage sector was the single largest contributor to the US economic crisis. Loans were given after mortgaging properties as collateral securities. The mortgage papers, after ratings by agencies like Standard&Poor, Fitch, Moody's, and others, were converted to mortgaged back securities and centralised debt obligations.