The 2008 financial crisis that morphed into the Great Recession hit people like Sam Clune with a vengeance. The former mortgage broker ended up being homeless, and his road to recovery is still is winding on 10 years later.
Fresh out of college in 2004 and saddled with student loan debt, Clune went to work in the mortgage brokerage industry in upstate New York. He was preparing for what then looked like a promising career. But within a few years, the business was turned upside down as the subprime mortgage crisis and credit crunch shook Wall Street to its core and the economy was left in shambles.
Subprime loans bundled into securities became toxic assets for banks as delinquencies and foreclosures grew. Lehman Brothers, one of the nation's oldest investment banks and one that bought massive amounts of the risky subprime loans, ended up filing for bankruptcy on Sept. 15, 2008. Another jolt to the financial system around that time was the government bailout of AIG, a seller of insurance on debt securities backed by the subprime mortgages.