The Great Recession was a global economic downturn that devastated world financial markets as well as the banking and real estate industries. The crisis led to increases in home mortgage foreclosures worldwide and caused millions of people to lose their life savings, their jobs and their homes. Although its effects were definitely global in nature, the Great Recession was most pronounced in the United States—where it originated as a result of the subprime mortgage crisis—and in Western Europe.
Which one of the following sequences shows the correct precedence as per the given passage?
1
Subprime mortgage crisis => loss of jobs => increase in home mortgage foreclosure => Great recession
2
Loss of jobs => increase in home mortgage foreclosure => Great recession => subprime mortgage crisis
3
Loss of jobs => increase in home mortgage foreclosure => subprime mortgage crisis => Great recession
4
Subprime mortgage crisis => Great recession => increase in home mortgage foreclosure => loss of jobs