The Great Recession was a severe global economic downturn that began in late 2007 and lasted until mid-2009. It was triggered by the collapse of the housing market in the United States, where many homeowners defaulted on their mortgages. This led to significant losses for banks and financial institutions, resulting in a credit crisis that affected economies worldwide. Governments responded with various measures, including stimulus packages and bailouts for struggling banks. The recession caused widespread unemployment, with millions of people losing their jobs and homes. It also led to changes in financial regulations to prevent a similar crisis in the future, impacting institutions like Fannie Mae and Freddie Mac.