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2007–2012 Global Financial Crisis

While the causes of the bubble are disputed, the precipitating factor for the Financial Crisis of 2007–2008 was the bursting of the United States housing bubble and the subsequent subprime mortgage crisis, which occurred due to a high default rate and resulting foreclosures of mortgage loans, particularly adjustable-rate mortgages. Some or all of the following factors contributed to the crisis:[187][63][64]

  • Lax underwriting standards and high mortgage approval rates led to an increase in the number of homebuyers, which drove up housing prices. This appreciation in value led many homeowners to borrow against the equity in their homes as an apparent windfall, leading to over-leveraging.
  • The high delinquency and default rates by homeowners, particularly those with subprime credit, led to a rapid devaluation of mortgage-backed securities including bundled loan portfolios, derivatives and credit default swaps
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Isle Of Dogs

The Isle of Dogs is a large peninsula bounded on three sides by a large meander in the River Thames in East London, England, which includes the Poplar, Millwall and Canary Wharf districts. The name had no official status until the 1987 creation of the Isle of Dogs Neighbourhood by Tower Hamlets London Borough Council. It has been known locally as simply "the Island" since the 19th century.[1] The whole area was once known as Stepney Marsh; Anton van den Wyngaerde's "Panorama of London" dated 1543 depicts and refers to the Isle of Dogs. Records show that ships preparing to carry the English royal household to Calais in 1520 docked at the southern bank of the island. The name Isle of Dogges occurs in the Thamesis Descriptio of 1588, applied to a small island in the south-western part of the peninsula. The name is next applied to the Isle of Dogs Fam (originally known as Pomfret Manor) shown on a map of 1683
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Restrictive Trade Practices Act 1956
The Restrictive Trade Practices Act 1956 was an act of the Parliament of the United Kingdom intended to enforce competition, and provide an appropriate check on restrictive combines and practices. It required that any agreement between companies that restricted trading should be placed on a public register unless granted exemption by the Secretary of State. Changes to an agreement, including its ending, were required to be notified and no agreement could be brought into force before appearing on the register.[1] The registrar could refer any agreements which appeared to operate against the public interest to the Restrictive Practices Court, a senior court of record in the United Kingdom.[2] Though the court was overhauled in 1976,[3] by the end of the century, the legislation was perceived as increasingly out of line with Articles 81 and 82 of the Treaty of Rome
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