What problems did the decline in housing prices that began in 2006 cause for the financial system?

What problems did the decline in housing prices that began in 2006 cause for the financial system?

1. What problems did the decline in housing prices that began in 2006 cause for the financial system?
2. What actions did the Federal Reserve and Treasury take in dealing with the financial crisis? What is the moral hazard problem? How is it related to the Federal Reserve’s and Treasury’s actions?

What problems did the decline in housing prices that began in 2006 cause for the financial system?

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