Subprime crisis background information

The Subprime Crisis was a financial crisis that happened in the late 2000s. It was caused by banks giving out too many loans to people with bad credit, or "subprime loans". This meant that people with bad credit were able to buy houses, cars, and other things they wouldn't normally be able to afford. But then when people couldn't make their payments, the banks lost a lot of money. This made banks collapse, and caused a lot of people to lose their homes and their jobs. It was a very difficult time for many people.