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