FINS1612 NOTES FOR EXAM REVISION YEAR 2022 Chapter 1 – A modern financial system: an overview 1.1 – Financial crises and the real economy  Global Financial Crisis (GFC) o the financial crisis of 2008 traced to the collapse of the housing market in the US and the consequences of that collapse for the market for mortgage-related securities o realisation that US house prices were falling and mortgage defaults were increasing , particularly in respect to sub-prime mortgages which we...