The financial meltdown was triggered by the deductibility, and other specific mortgage rules have collapse of the U. S. housing bubble which ultimately laid the ground rules for a much more stable mortgage led to the deepest and longest recession that the U. S. lending system. [...] The c) Longer-Term Mortgages in the U. S., obvious result is a much more stable housing market Shorter-Term in Canada in Canada, and a highly levered market in the U. S. Accordingly, the U. S. homeowner is more likely to The third major difference between the mortgage default on a mortgage than is his or her Canadian markets in the two countries relates to the average counterpart. [...] Had the originators of the the reality of the term structure of the U. S. financial securitizations been well capitalized and able to buy market. [...] And the full and satisfactory they would partially repair the huge gap in and avert resolution for the original investors in these securities the possible collapse of the U. S. mortgage system. [...] This is often cited as one of the spurs to the large- Another of the long-term problems in the U. S. scale deregulation of U. S. banks over the past several mortgage market that is mentioned by Stiglitz decades.