The flood of home foreclosures that followed the large economic recession in 2008 caused housing prices to drop precipitously, which lead to the writing down of mortgage-backed securities, and, to fears of a Great Depression-like downward spiral.
a. which lead to the writing down of mortgage-backed securities, and, to fears of a Great Depression-like downward spiral
b. which led to the write-downs of mortgage-backed securities and fears of a Great Depression-like downward spiral
c. which lead to the write-down of mortgage-backed securities and the fears of a Great Depression-like downward spiral
d. leading to write-downs of mortgage-backed securities and fears of a Great Depression-like downward spiral
e. leading to write-downs of mortgage-backed securities and, fears of a Great Depression-like downward spiral
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