Economic recession is said on be on its way. If you still have no idea how this all happens, head over to read the explanation by Patrick at Cash Money Life. The main cause of the 2008 financial crisis in the United States is the excessive use of credit, especially in the housing market. The real estate bubble finally burst.
However, the local financial institution is not much affected. Local Malaysians still need to fork out at least 10% for the deposit, and has a good credit history before you get the nod from bankers for your mortgage loan.
To have a better understanding, I recommend that you read this explanation by Hanson. It is well-written, in Malaysian layman terms.