2007: The subprime meltdown

Dec. 26 - After years of massive credit expansion, the debt industry snapped -- taking down major Wall Street figures and hitting corporations with initial loss estimates in the tens of billions. Investors from Wall St to Main St. were left wondering how it all happened. In the prior six years interest rates were historically low and the housing market was booming. The home mortgage industry doled out loans to subprime or more risky borrowers. Loans with loose terms like no-money down or incredibly low teaser rates. Jeanne Yurman reports.REUTERS VIDEO