Subprime mortgage crisisThe United States subprime mortgage crisis was a multinational financial crisis that occurred between 2007 and 2010 that contributed to the 2007–2008 global financial crisis. The crisis led to a severe economic recession, with millions of people losing their jobs and many businesses going bankrupt. The U.S. government intervened with a series of measures to stabilize the financial system, including the Troubled Asset Relief Program (TARP) and the American Recovery and Reinvestment Act (ARRA).
2007–2008 financial crisisThe 2007–2008 financial crisis, or Global Financial Crisis (GFC), was a severe worldwide economic crisis that occurred in the early 21st century. It was the most serious financial crisis since the Great Depression (1929). Predatory lending targeting low-income homebuyers, excessive risk-taking by global financial institutions, and the bursting of the United States housing bubble culminated in a "perfect storm". Mortgage-backed securities (MBS) tied to American real estate, as well as a vast web of derivatives linked to those MBS, collapsed in value.
Credit rating agencyA credit rating agency (CRA, also called a ratings service) is a company that assigns credit ratings, which rate a debtor's ability to pay back debt by making timely principal and interest payments and the likelihood of default. An agency may rate the creditworthiness of issuers of debt obligations, of debt instruments, and in some cases, of the servicers of the underlying debt, but not of individual consumers. Other forms of a rating agency include environmental, social and corporate governance (ESG) rating agencies and the Chinese Social Credit System.
Credit crunchA credit crunch (also known as a credit squeeze, credit tightening or credit crisis) is a sudden reduction in the general availability of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from banks. A credit crunch generally involves a reduction in the availability of credit independent of a rise in official interest rates. In such situations, the relationship between credit availability and interest rates, changes.
FractionA fraction (from fractus, "broken") represents a part of a whole or, more generally, any number of equal parts. When spoken in everyday English, a fraction describes how many parts of a certain size there are, for example, one-half, eight-fifths, three-quarters. A common, vulgar, or simple fraction (examples: and ) consists of an integer numerator, displayed above a line (or before a slash like ), and a non-zero integer denominator, displayed below (or after) that line.
Financial crisisA financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nominal value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults.
Irreducible fractionAn irreducible fraction (or fraction in lowest terms, simplest form or reduced fraction) is a fraction in which the numerator and denominator are integers that have no other common divisors than 1 (and −1, when negative numbers are considered). In other words, a fraction a/b is irreducible if and only if a and b are coprime, that is, if a and b have a greatest common divisor of 1. In higher mathematics, "irreducible fraction" may also refer to rational fractions such that the numerator and the denominator are coprime polynomials.
Egyptian fractionAn Egyptian fraction is a finite sum of distinct unit fractions, such as That is, each fraction in the expression has a numerator equal to 1 and a denominator that is a positive integer, and all the denominators differ from each other. The value of an expression of this type is a positive rational number ; for instance the Egyptian fraction above sums to . Every positive rational number can be represented by an Egyptian fraction.
Unit fractionA unit fraction is a positive fraction with one as its numerator, 1/n. It is the multiplicative inverse (reciprocal) of the denominator of the fraction, which must be a positive natural number. Examples are 1/1, 1/2, 1/3, 1/4, 1/5, etc. When an object is divided into equal parts, each part is a unit fraction of the whole. Multiplying two unit fractions produces another unit fraction, but other arithmetic operations do not preserve unit fractions.
Credit default swapA credit default swap (CDS) is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a debt default (by the debtor) or other credit event. That is, the seller of the CDS insures the buyer against some reference asset defaulting. The buyer of the CDS makes a series of payments (the CDS "fee" or "spread") to the seller and, in exchange, may expect to receive a payoff if the asset defaults.
Chief executive officerA chief executive officer (CEO) (also known as a central executive officer, or just chief executive (CE), or as managing director (MD) in the UK) is the highest officer charged with the management of an organization - especially a company or nonprofit institution. CEOs find roles in a range of organizations, including public and private corporations, non-profit organizations and even some government organizations (notably state-owned enterprises).
Greedy algorithm for Egyptian fractionsIn mathematics, the greedy algorithm for Egyptian fractions is a greedy algorithm, first described by Fibonacci, for transforming rational numbers into Egyptian fractions. An Egyptian fraction is a representation of an irreducible fraction as a sum of distinct unit fractions, such as 5/6 = 1/2 + 1/3. As the name indicates, these representations have been used as long ago as ancient Egypt, but the first published systematic method for constructing such expansions was described in 1202 in the Liber Abaci of Leonardo of Pisa (Fibonacci).
Continued fractionIn mathematics, a continued fraction is an expression obtained through an iterative process of representing a number as the sum of its integer part and the reciprocal of another number, then writing this other number as the sum of its integer part and another reciprocal, and so on. In a finite continued fraction (or terminated continued fraction), the iteration/recursion is terminated after finitely many steps by using an integer in lieu of another continued fraction. In contrast, an infinite continued fraction is an infinite expression.
Crédit AgricoleCrédit Agricole Group (kʁedi aɡʁikɔl), sometimes called La banque verte (The green bank) due to its historical ties to farming, is a French international banking group and the world's largest cooperative financial institution. It is France's second largest bank, after BNP Paribas, as well as the third largest in Europe and tenth largest in the world. It consists of a network of Crédit Agricole local banks, the 39 Crédit Agricole regional banks, and a central institute, the Crédit Agricole S.A..
Generalized continued fractionIn complex analysis, a branch of mathematics, a generalized continued fraction is a generalization of regular continued fractions in canonical form, in which the partial numerators and partial denominators can assume arbitrary complex values. A generalized continued fraction is an expression of the form where the an (n > 0) are the partial numerators, the bn are the partial denominators, and the leading term b0 is called the integer part of the continued fraction.
Chief operating officerA chief operating officer or chief operations officer (COO) is an executive who manages the personnel, resources, logistics, and daily operations of an organization. COOs are usually second-in-command immediately after the CEO, and reports directly to them and acts on their behalf in their absence. A COO is usually voted in by shareholders or appointed by the board of directors.
Chief financial officerThe chief financial officer (CFO) is an officer of a company or organization that is assigned the primary responsibility for managing the company's finances, including financial planning, management of financial risks, record-keeping, and financial reporting. In some sectors, the CFO is also responsible for analysis of data. Some CFOs have the title CFOO for chief financial and operating officer. In the majority of countries, finance directors (FD) typically report into the CFO and FD is the level before reaching CFO.
Employee stock optionEmployee stock options (ESO) is a label that refers to compensation contracts between an employer and an employee that carries some characteristics of financial options. Employee stock options are commonly viewed as an internal agreement providing the possibility to participate in the share capital of a company, granted by the company to an employee as part of the employee's remuneration package. Regulators and economists have since specified that ESOs are compensation contracts.
