The above events can be dated to late 2006 – mid 2007.In July 2007 the same unexpectedly found that, in the U.S. “burn” is not only American money: for example, the holding company Allianz has invested in U.S. mortgage business 1400 million dollars.
As a result, many banks have published the updated forecast of profit with a fairly low rates. This resulted in a decrease in the value of their shares, much of which was laid.
The creditors of the banks have started to demand repayment, but part – throw burning assets, more heaping exchange. Since the mortgage crisis in the United States gradually began to grow into a financial crisis in Europe.
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