The financial turmoil originated from United States subprime mortgage crisis has been getting much worse and serious harm to the development of global economy. This article analysis the main reasons of subprime mortgage crisis from both surface causes and underlying causes, consider that the poor risk management in the process of financial innovation is the most important reason. Finally, the article put forward the suggestions of strengthening the risk management in the process of financial innovation at three levels of the financial institutions, supervision institutions, and international cooperation.
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