A/HRC/10/7 page 4 Introduction 1. The present report is submitted to the Human Rights Council in accordance with its resolution 6/27 on adequate housing as a component of the right to an adequate standard of living. 2. The new Special Rapporteur on adequate housing as a component of the right to an adequate standard of living, Raquel Rolnik, took up her mandate on 1 May 2008. During the months of May and June, the Special Rapporteur held extensive consultations and in July 2008, she submitted a preliminary report to the General Assembly (A/63/275), outlining the approach she intends to take to the mandate. From 3 to 6 November, she took part in the World Urban Forum in Nanjing, contributing as a key speaker in several panels including a plenary session on “equity in cities”, a dialogue on the promotion of social equity and inclusiveness, and various roundtables including on women and housing and on indigenous peoples’ housing. The Special Rapporteur has started following up on the country missions undertaken by her predecessor; she is reporting to the Council on the implementation of the recommendations he formulated for Mexico, Peru, Romania and Afghanistan.1 She is also reporting on communications sent to and received from Governments2 and submitting the report of her predecessor on his visit to Canada in October 2007.3 The Special Rapporteur has contacted a number of States in regard to possible country visits. She looks forward to positive responses and collaboration from these States. 3. The recent housing and mortgage crisis and the subsequent financial crisis have been at the forefront of the media and international attention. Yet, little has been said about their global impact on the right to adequate housing. In October 2008, the Special Rapporteur shared her concerns with the General Assembly. Encouraged by a number of delegations, she decided to devote her first report to the Human Rights Council to this issue. 4. The first section of the present report discusses the housing/mortgage and financial crisis. The second part relates these crises to the prevalent economic, financial and housing policies and approaches and their impact on the right to adequate housing. The report concludes with a number of preliminary recommendations to address the current situation including consideration of the issue by the Human Rights Council. I. THE CURRENT HOUSING, FINANCIAL AND ECONOMIC CRISIS 5. In order to understand the crisis and its impact on the right to adequate housing and to make useful recommendations, the Special Rapporteur believes it important to analyse economic and financial decisions and approaches that have led to the current situation. 6. It is generally accepted that the global credit crunch generated by the subprime mortgage crisis has been one of the main causes of the current worldwide financial and economic crisis. 1 A/HRC/10/7/Add.2. 2 A/HRC/10/7/Add.1. 3 A/HRC/10/7/Add.3.