In 2008, a series of bank and financial company failures, resulting from a subprime real estate lending collapse, launched a global financial crisis from which the world is still recovering. In the U.S., Fannie Mae and Freddie Mac were taken over by the government; Lehman Bros. declared bankruptcy; Bank of America purchased Merrill Lynch, and American International Group (AIG) was saved by an $85 billion capital injection by the federal government. By Sept. 17, 2008, more public corporations had filed for bankruptcy in the U.S. than in all of 2007.
As the housing market fizzled and employment challenges mounted, many agents saw declines in both their commercial and personal books of business. Helping clients weather the economic storm was often priority No. 1.
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