Is there anybody who can describe this crisis of subprime mortagage

Just as the title, and please tell me more details about this, and why FED chose this solution and its reflection of golobal financail market especially forex market, thanks

try these links:
http://en.wikipedia.org/wiki/Subprime_mortgage

http://en.wikipedia.org/wiki/Subprim...nancial_crisis

There is already a lengthy thread entitled Sub Prime Worries. Please search it first

The thread is closed to pervent dilution of the topic in differnet forums

http://www.forexfactory.com/showthread.php?t=21763