The Mortgage Crisis refers to a significant financial downturn that occurred in the late 2000s, primarily in the United States. It was triggered by a surge in subprime mortgages, which are loans given to borrowers with poor credit histories. Many of these loans had adjustable interest rates that increased over time, leading to higher monthly payments that borrowers could not afford. As homeowners began to default on their loans, the value of mortgage-backed securities plummeted, causing widespread financial instability. Major financial institutions, including Lehman Brothers, faced bankruptcy, leading to a global economic recession. The crisis highlighted the risks associated with lax lending practices and inadequate regulatory oversight.