In 2007, a major wave of defaults on home mortgage loans threatened the health of the economy. Describe the causes and consequences of the 2007 mortgage default crisis. What could the government have done to prevent this crisis?

Economics class. Must be 250 words must cite work.

In 2007, a major wave of defaults on home mortgage loans threatened the health of the economy.  Describe the causes and consequences of the 2007 mortgage default crisis.  What could the government have done to prevent this crisis?