The United States experienced a subprime mortgage crisis between 2007-2010 that contributed to an economic recession. Subprime loans are high-risk loans given to borrowers with poor credit, while prime loans have lower rates and are for those with good credit. The crisis was triggered by a large drop in home prices after a housing bubble burst, leading to many subprime borrowers defaulting on their mortgages and facing foreclosure as the bubble collapsed due to unsustainable rising prices.