What has been happening in the us subprime mortgage market over the last 6 months?

What has been happening in the us subprime mortgage market over the last 6 months and what effect this in turn has had on the uk economy?i need to know this information for a presentation i need to make tomorrow, any information would be great!
Answer
God, dont you watch the news? i find it unbelievable that you dont know anything about it. here look at this page for some help. http://www.socialistworker.co.uk/art.php?id=12876