The Global Financial Crisis of 2008-09 was a period of severe macroeconomic instability for the United States and the global economy more generally. The crisis was precipitated by the collapse of a number of financial institutions who were deeply involved in the U.S. mortgage market and associated credit markets. Beginning in the Summer of 2007, a number of banks began to report issues with increasing mortgage delinquencies and the problem of not being able to accurately price derivatives contracts which were based on bundles of these U.S. residential mortgages. By the end of 2008, U.S. financial institutions had begun to fail due to their exposure to the housing market, leading to one of the deepest recessions in the history of the United States and to extensive government bailouts of the financial sector.

Subprime and the collapse of the U.S. mortgage market

The early 2000s had seen explosive growth in the U.S. mortgage market, as credit became cheaper due to the Federal Reserve's decision to lower interest rates in the aftermath of the 2001 'Dot Com' Crash, as well as because of the increasing globalization of financial flows which directed funds into U.S. financial markets. Lower mortgage rates gave incentive to financial institutions to begin lending to riskier borrowers, using so-called 'subprime' loans. These were loans to borrowers with poor credit scores, who would not have met the requirements for a conventional mortgage loan. In order to hedge against the risk of these riskier loans, financial institutions began to use complex financial instruments known as derivatives, which bundled mortgage loans together and allowed the risk of default to be sold on to willing investors. This practice was supposed to remove the risk from these loans, by effectively allowing credit institutions to buy insurance against delinquencies. Due to the fraudulent practices of credit ratings agencies, however, the price of these contacts did not reflect the real risk of the loans involved. As the reality of the inability of the borrowers to repay began to kick in during 2007, the financial markets which traded these derivatives came under increasing stress and eventually led to a 'sudden stop' in trading and credit intermediation during 2008.

Market Panic and The Great Recession

As borrowers failed to make repayments, this had a knock-on effect among financial institutions who were highly leveraged with financial instruments based on the mortgage market. Lehman Brothers, one of the world's largest investment banks, failed on September 15th 2008, causing widespread panic in financial markets. Due to the fear of an unprecedented collapse in the financial sector which would have untold consequences for the wider economy, the U.S. government and central bank, The Fed, intervened the following day to bailout the United States' largest insurance company, AIG, and to backstop financial markets. The crisis prompted a deep recession, known colloquially as The Great Recession, drawing parallels between this period and The Great Depression. The collapse of credit intermediation in the economy lead to further issues in the real economy, as business were increasingly unable to pay back loans and were forced to lay off staff, driving unemployment to a high of almost 10 percent in 2010. While there has been criticism of the U.S. government's actions to bailout the financial institutions involved, the actions of the government and the Fed are seen by many as having prevented the crisis from spiraling into a depression of the magnitude of The Great Depression.

Over 44.7 million Americans carry student loan debt, with the total amount valued at approximately $1.31 trillion (Quarterly Report, 2019). Ergo, consumer spending, a factor of GDP, is stifled and negatively impacts the economy (Frizell, 2014, p. 22). This study examined the relationship between student loan debt and the probability of a recession in the near future, as well as the effects of proposed student loan forgiveness policies through the use of a created model. The Federal Reserve Bank of St. Louis’s website (FRED) was used to extract data regarding total GDP per quarter and student loan debt per quarter ("Federal Reserve Economic Data," 2019). Through the combination of the student loan debt per quarter and total GDP per quarter datasets, the percentage of total GDP composed of student loan debt per quarter was calculated and fitted to a logistic curve. Future quarterly values for total GDP and the percentage of total GDP composed by student loan debt per quarter were found through Long Short Term Models and Euler’s Method, respectively. Through the creation of a probability of recession index, the probability of recession per quarter was compared to the percentage of total GDP composed by student loan debt per quarter to construct an exponential regression model. Utilizing a primarily quantitative method of analysis, the percentage of total GDP composed by student loan debt per quarter was found to be strongly associated[p < 1.26696* 10-8]with the probability of recession per quarter(p(R)), with the p(R) tending to peak as the percentage of total GDP composed of student loan debt per quarter strayed away from the carrying capacity of the logistic curve. Inputting the student loan debt forgiveness policies of potential congressional bills proposed by lawmakers found that eliminating 49.7 % and 36.7% of student loan debt would reduce the recession probabilities to be 1.73545*10-29% and 9.74474*10-25%, respectively.

Since the Great Recession, bank lending to small businesses has fallen significantly, and policymakers have become concerned that these businesses are not getting the credit they need. Many reasons have been suggested for the decline. Our analysis shows that it has multiple sources, which means that trying to address any single factor may be ineffective or make matters worse. Any intervention should take all of the many causes of the decline in small business lending into consideration.

Graph and download economic data for Resources and Assets: Investment Portfolios Arising from the Great Recession: Net Portfolio Holdings of TALF LLC (RAIPGRNPTALF) from 2009-11-18 to 2014-11-05 about TALF LLC, recession indicators, investment, Net, assets, and USA.

The Federal National Mortgage Association, commonly known as Fannie Mae, was created by the U.S. congress in 1938, in order to maintain liquidity and stability in the domestic mortgage market. The company is a government-sponsored enterprise (GSE), meaning that while it was a publicly traded company for most of its history, it was still supported by the federal government. While there is no legally binding guarantee of shares in GSEs or their securities, it is generally acknowledged that the U.S. government is highly unlikely to let these enterprises fail. Due to these implicit guarantees, GSEs are able to access financing at a reduced cost of interest. Fannie Mae's main activity is the purchasing of mortgage loans from their originators (banks, mortgage brokers etc.) and packaging them into mortgage-backed securities (MBS) in order to ease the access of U.S. homebuyers to housing credit. The early 2000s U.S. mortgage finance boom During the early 2000s, Fannie Mae was swept up in the U.S. housing boom which eventually led to the financial crisis of 2007-2008. The association's stated goal of increasing access of lower income families to housing finance coalesced with the interests of private mortgage lenders and Wall Street investment banks, who had become heavily reliant on the housing market to drive profits. Private lenders had begun to offer riskier mortgage loans in the early 2000s due to low interest rates in the wake of the "Dot Com" crash and their need to maintain profits through increasing the volume of loans on their books. The securitized products created by these private lenders did not maintain the standards which had traditionally been upheld by GSEs. Due to their market share being eaten into by private firms, however, the GSEs involved in the mortgage markets began to also lower their standards, resulting in a 'race to the bottom'. The fall of Fannie Mae The lowering of lending standards was a key factor in creating the housing bubble, as mortgages were now being offered to borrowers with little or no ability to repay the loans. Combined with fraudulent practices from credit ratings agencies, who rated the junk securities created from these mortgage loans as being of the highest standard, this led directly to the financial panic that erupted on Wall Street beginning in 2007. As the U.S. economy slowed down in 2006, mortgage delinquency rates began to spike. Fannie Mae's losses in the mortgage security market in 2006 and 2007, along with the losses of the related GSE 'Freddie Mac', had caused its share value to plummet, stoking fears that it may collapse. On September 7th 2008, Fannie Mae was taken into government conservatorship along with Freddie Mac, with their stocks being delisted from stock exchanges in 2010. This act was seen as an unprecedented direct intervention into the economy by the U.S. government, and a symbol of how far the U.S. housing market had fallen.

Total distribution of all mortgage loan applications and shifts between pre- and post-recession periods for our randomly generated sample.

In this Economic Commentary , we focus on the first round of Paycheck Protection Program (PPP) loans granted beginning in March 2020 until early August 2020, when turbulence in the labor market was pronounced, in order to demonstrate the PPP’s effects on local labor markets. We find that PPP loans helped mitigate the negative impact of the pandemic recession on state-level employment growth. States that received most of their funding early in the loan period had smaller employment declines than did states that received comparable funds later in the period.

Graph and download economic data for Total Nonperforming Loans for Commercial Banks in United States (DISCONTINUED) (USNP) from Q1 1984 to Q3 2020 about nonperforming, commercial, loans, banks, depository institutions, and USA.

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Between 1946 and 1961, the United States distributed over 44.5 billion U.S. dollars to Western European countries in the form of loans or grants. 27.3 billion was given in the form of economic assistance, while 17.2 billion was given as military assistance. The largest sums were given to the United Kingdom and France, who received 8.8 and 8.4 billion dollars respectively. Italy and West Germany, who had been enemies of the U.S. during the Second World War, received the next-largest sums, with both totals over five billion dollars. Disproportional distributions Such grants and loans, particularly those of the Marshall Plan, were distributed on a (fairly rough) per capita basis, although major industrial powers were given disproportionately higher sums, as it was believed that their successful recovery would drive prosperity across the region. Turkey and Greece were also given relatively high sums due to their political and strategic significance during the Cold War, with Turkey receiving significantly more in military assistance than economic. In contrast, Spain received a disproportionately low sum - despite being neutral during the war, Franco's fascist government was unpopular in the U.S. and was excluded from aid in the years immediately following the war; the Spanish government's strong anti-communist saw the U.S. revert this policy with the Pact of Madrid in 1953. The Golden Age The "Golden Age" was a period of relatively uninterrupted economic growth between the end of the Second World War in 1945 and the Recession of 1973-1975. During this time, Western Europe experienced its most economically successful period in recorded history. This success was made possible by various factors, including an increase in European integration, the expansion of welfare and healthcare systems, and widespread industrialization. The United States played a key role in these developments; however, the modern historical consensus is that the largest impact was not through government investment, but rather private investment and the American influence on business practice, consumer buying behavior, and international policy (critics at the time referred to this as Coca-colonization). Along with the new-found peace following decades of war and instability, these factors combined to increase living standards and wages among the public, who generally embraced capitalism and the opportunity to spend their new-found disposable income.

The outbreak of the COVID-19 pandemic has brought the global economy to a crisis: how to choose the optimal policy tools to cope with the external impacts has attracted worldwide attention. The research evaluates the effects of China's fiscal and monetary policies in promoting economic recovery by establishing a CGE model. Five representative countermeasures such as exempting value-added tax (VAT) and cutting loan rates are studied. The results indicate that: from the aspect of fiscal policies, increasing investment shows a better effect in boosting economy compared with exempting VAT and increasing medical care expenditures; however, the policy also causes price inflation (+0.45%) and crowding-out of enterprise investment (−0.03%). From the aspect of monetary policies, providing targeted loans to enterprises has a better boosting effect on economy compared with cutting loan rates. In the choice between fiscal or monetary policies, fiscal policies exert better effects (household income, +0.95%) when taking the improvement of residents' welfare as the objective. If taking promoting recovery of enterprises and boosting the economy as objectives, monetary policies are found to be better (GDP, +1.99%). Therefore, fiscal and monetary policies should be guided by different objectives and allowed to work in a synergistic manner.

As of March 2025, outstanding bank loans of banks in Japan amounted to around ***** trillion Japanese yen, up from about ***** trillion yen in the previous year. Bank lending in Japan Domestic credit granted to the private sector by commercial banks accounted for around ***** percent of Japan’s gross domestic product (GDP) in 2023. Loans of regional banks made up the largest share of outstanding domestic loans of financial institutions in Japan, followed by city banks, which are the largest banks in Japan. This reflects the large number of regional banks and their role in providing financial services to individuals and small and mid-sized businesses at the regional level. Regional banks were identified as main banks by a significant proportion of businesses in 2021. This was especially evident in rural areas, while a large share of companies in more urban regions such as Kanto and Kinki identified city banks as their main banks. Non-performing loan problem in the 1990s As a consequence of the burst of the asset price bubble in the 1980s and the recession in the following decade, Japan was confronted with a non-performing loan problem that lasted into the early 2000s. The financial crisis led to a number of banks and financial institutions going bankrupt, and a high ratio of non-performing loans. During that time, several trillion yen of bad loans were disposed of. To strengthen the financial system and establish regularities for dealing with failing financial institutions, the Financial Reconstruction Act (FRA) was passed in 1998. In more recent years, the non-performing loan ratio of banks has stood at around *** percent.

Debt Consolidation Market Size And Forecast

Debt Consolidation Market size was valued at USD 1351 Billion in 2023 and is projected to reach USD 3100 Billion by 2031, growing at a CAGR of 12.49% during the forecast period 2024-2031.

Global Debt Consolidation Market Drivers

The debt consolidation market is influenced by various market drivers that affect consumer behavior, financial institutions, and the overall economic environment. Here are some of the key drivers:

Rising Debt Levels: Increasing levels of consumer debt, including credit cards, personal loans, and student loans, drive individuals to seek debt consolidation solutions to manage their financial obligations more effectively. Economic Conditions: Fluctuations in the economy, such as rising inflation, recession, or unemployment rates, can lead consumers to seek debt consolidation services as they struggle to meet their financial commitments. Interest Rates: The prevailing interest rates significantly affect the demand for debt consolidation. When interest rates are low, consumers are more inclined to consolidate their debts at favorable rates. Conversely, higher rates may deter consolidation efforts.

Global Debt Consolidation Market Restraints

The debt consolidation market, while presenting various opportunities for growth, also faces several market restraints. Here are some of the notable constraints:

High Interest Rates: If interest rates on debt consolidation loans are higher than the existing debt, consumers may be discouraged from pursuing consolidation. This can limit the market's growth potential. Lack of Consumer Awareness: Many consumers may not fully understand the benefits of debt consolidation or may perceive it as merely a temporary solution to financial problems. Lack of financial literacy can deter individuals from seeking these services.

We begin our report on Cuyahoga County, home to the city of Cleveland, with a broad look at application and origination activity over the past 25 years (1990–2015), and then focus on the 12-year period from 2004 to 2015. Using maps and a series of figures and tables, we tell the story of mortgage lending over these time periods from both the neighborhood and borrower perspectives, with a particular focus on highlighting the differences observed in the pre- and post-Great Recession periods.

Recent news articles have carried the worrisome suggestion that Federal Housing Administration (FHA)-insured loans may be the next subprime. Given the high correlation between subprime lending and foreclosures, which contributed to the recent recession, that's an unsettling premise indeed. There is no doubt that FHA-insured lending has increased recently. There is also evidence of rising delinquencies among these loans. But are FHA-insured loans truly the new subprime? In Ohio, it doesn't appear so. In fact, several findings that emerged from our examination of FHA lending in Ohio point to no as the answer.

Self-Storage Finance Market Outlook

According to our latest research, the global self-storage finance market size reached USD 16.8 billion in 2024, demonstrating robust growth driven by increased demand for flexible storage solutions and a dynamic investment landscape. The market is expected to grow at a CAGR of 6.3% from 2025 to 2033, with the forecasted market size anticipated to reach USD 29.1 billion by 2033. This expansion is underpinned by rising urbanization, evolving consumer lifestyles, and the growing attractiveness of self-storage assets among both individual and institutional investors. These factors collectively contribute to the positive momentum in the self-storage finance sector as per our latest research findings.

One of the primary growth drivers for the self-storage finance market is the substantial increase in urban migration and the shrinking availability of residential and commercial spaces in metropolitan areas. As cities become more densely populated, individuals and businesses are increasingly seeking cost-effective and flexible storage solutions, fueling demand for self-storage facilities. This trend has directly influenced the need for innovative financing options, such as debt and equity financing, to support the rapid development and expansion of self-storage infrastructure. Furthermore, the rise in e-commerce and small business operations has heightened the necessity for warehousing and commercial storage, further boosting the market’s growth trajectory.

Another significant driver is the evolving investment landscape, where self-storage assets are increasingly viewed as resilient and recession-proof investments. The sector's ability to maintain stable cash flows, even during economic downturns, has attracted a diverse pool of investors, including institutional investors, real estate developers, and private equity firms. The availability of various financing solutions, such as bridge loans and construction loans, has enabled developers to undertake new projects and upgrade existing facilities. Additionally, the low operational costs and high occupancy rates associated with self-storage facilities have made them an attractive asset class, prompting financial institutions to expand their lending portfolios in this market.

Technological advancements and the integration of digital platforms have also played a pivotal role in shaping the self-storage finance market. The adoption of smart security systems, automated access controls, and online booking platforms has enhanced the operational efficiency and customer experience of self-storage facilities. These innovations have not only improved asset management but have also attracted more investors by reducing risks and optimizing returns. Moreover, the increasing acceptance of alternative financing models, such as crowdfunding and real estate investment trusts (REITs), has democratized access to the self-storage sector, allowing a broader range of stakeholders to participate in its growth.

From a regional perspective, North America continues to dominate the self-storage finance market, accounting for the largest share in 2024, followed by Europe and Asia Pacific. The mature self-storage industry in the United States, coupled with favorable regulatory frameworks and a high concentration of institutional investors, has established North America as the primary hub for self-storage financing activities. Meanwhile, emerging markets in Asia Pacific and Latin America are witnessing accelerated growth due to rapid urbanization, rising disposable incomes, and increasing awareness of self-storage solutions. These regions are expected to offer lucrative opportunities for market participants over the forecast period.

Service Type Analysis

The service type segment of the self-storage finance market encompasses a range of financing options, including debt financing, equity financing, bridge loans, construction loans, and other specialized financial services. Debt financing remains the most prev

We begin this report on Allegheny County, home to the city of Pittsburgh, with a broad look at application and origination activity over the past 25 years (1990 to 2015), and then focus on the 12-year period from 2004 to 2015. Using maps and a series of figures and tables, we tell the story of mortgage lending over these time periods from both the neighborhood and borrower perspectives, with a particular focus on the differences observed in the pre- and post-Great Recession periods.

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Community Banking Market Size 2025-2029

The community banking market size is forecast to increase by USD 253 billion at a CAGR of 5.8% between 2024 and 2029.

The market is experiencing significant shifts driven by the increasing adoption of microlending in developing nations and the rising preference for digital platforms. The microlending, a segment of community banking, is gaining traction in developing economies due to its ability to provide small loans to individuals and small businesses who lack access to traditional banking services. This trend is expected to continue, fueled by the growing financial inclusion efforts and increasing economic activity in these regions. Simultaneously, the community banking sector is witnessing a surge in the adoption of digital platforms.
The digital community banking services, such as mobile banking and online lending, are becoming increasingly popular due to their convenience and accessibility. This trend is particularly noticeable among younger demographics, who are more likely to use digital channels for banking. However, the market also faces challenges. One of the most significant obstacles is the lack of awareness about community banking services. Many potential customers, particularly in rural and underserved areas, are unaware of the benefits and availability of community banking services. Addressing this challenge will require targeted marketing efforts and community outreach programs.

What will be the Size of the Community Banking Market during the forecast period?

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The market continues to evolve, with advanced technology playing a pivotal role in shaping the landscape. Financial institutions, both large and small, are integrating microfinance, mobile banking, and remote deposit capture to cater to diverse customer needs. In the micropolitan areas, community banks have gained prominence, offering personalized services to rural and agricultural sectors. The economic recession led to a surge in digital adoption, with mobile banking becoming increasingly popular. However, the competition remains fierce, with big banks also investing heavily in technology to retain their customer base. The ongoing market dynamics underscore the need for continuous innovation and adaptation to stay competitive.
Community banks, with their focus on local markets and relationships, are well-positioned to leverage these trends and offer competitive rates and fees to attract and retain customers. The integration of advanced technology enables seamless transactions and enhanced customer experience, further bolstering their position in the market. The future of community banking lies in its ability to balance tradition and innovation, offering personalized services while embracing digital transformation.

How is this Community Banking Industry segmented?

The community banking industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Area

  Metropolitan
  Rural and micropolitan


Sector

  Small business
  CRE
  Agriculture


Service Type

  Retail banking
  Commercial banking
  Wealth management and financial advisory
  Others


Delivery Model

  Branch Banking
  Online Banking
  Mobile Banking


Institution Type

  Credit Unions
  Local Banks


Geography

  North America

    US
    Canada
    Mexico


  Europe

    France
    Germany
    UK


  Middle East and Africa

    UAE


  APAC

    Australia
    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Area Insights

The metropolitan segment is estimated to witness significant growth during the forecast period.

In the dynamic world of financial services, community banks in the US continue to gain traction among consumers, particularly in rural and micropolitan areas where Big Banks may have a limited presence. While Big Banks dominate the market with their vast resources and broad reach, Community FIs cater to the unique needs of their local clientele. With the rise of advanced technology, Community banks have embraced digital banking solutions, including Internet banking, mobile banking, and remote deposit capture. Small businesses and agricultural sectors, integral to rural economies, benefit significantly from Community banks' personalized services and expertise. Despite the economic recession, these institutions have managed to maintain deposits through their strong relationships with customers.

Microlending, a niche offering, further distinguishes Community banks from their larger counterparts. Rates and fees remain crucial factors for customers, especially in a competitive market. Community banks often offer more competitive rates and lower fees compared to Big Banks, making t

The global factoring market, valued at $8618 million in 2025, is poised for significant growth. While the provided CAGR is missing, a reasonable estimate, considering the expansion of SMEs and the increasing adoption of digital financing solutions globally, would place it between 7% and 10% annually over the forecast period (2025-2033). This growth is driven by several factors, including the rising demand for efficient working capital management among small and medium-sized enterprises (SMEs), a preference for quicker payment cycles, and increased cross-border trade activities that necessitate international factoring solutions. The market's segmentation into domestic and international factoring, catering to both SME and enterprise clients, further allows for specialized service offerings, fueling market expansion. Technological advancements, such as fintech solutions that streamline the factoring process, are also key growth catalysts. However, factors such as stringent regulatory compliance and potential credit risks associated with financing receivables pose challenges to the market's expansion. The geographic distribution of the market, with significant contributions anticipated from North America, Europe, and Asia-Pacific, presents diverse opportunities for players in this dynamic landscape. The predicted growth trajectory suggests a robust and expanding market with significant potential for investors and businesses involved in financing solutions for businesses. The market's future expansion is likely to be influenced by economic factors. A global recession could temper growth, while sustained economic activity in key regions such as North America and Europe will support continued expansion. Competition is fierce, with a mix of large multinational banks and specialized factoring companies vying for market share. This competitive pressure could lead to innovative product offerings and potentially more competitive pricing. The continued adoption of digital technologies will likely reshape the industry, allowing for increased efficiency and transparency. As such, businesses operating in the factoring sector should focus on technological innovation, risk management, and adapting to changing regulatory landscapes to ensure sustained success.

To achieve the steady growth envisaged in this report, policy makers in developing Asia need to be vigilant of potential risks. Risks to Asia’s growth prospects could come from an unwieldy resolution of the Greek debt crisis, deepening recession in the Russian Federation, and possible capital outflows in response to the imminent rise in US interest rates. Falling oil prices have largely been a boon for the region’s outlook, supporting higher growth and low inflation. However, geopolitical tensions in the Middle East remain a real risk that could produce a sudden reversal of prices. Authorities need to be ready to deploy mitigating policy responses if any of these risks materialize. Asia has seen rapid credit growth in recent years as total domestic debt nearly doubled from $18 trillion in 2009 to $34 trillion in 2013, with private borrowing accounting for the bulk of new debt. Although debt remains at manageable levels, policy makers must carefully attend to credit growth to ensure the maintenance of sound financial systems that are efficient, well-regulated, and inclusive—and therefore able to help sustain regional growth momentum and stability, as well as foster greater equity.