Crash of 2008/Timelines: Difference between revisions
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US ''' ''Subprime'' mortgage crisis''' [http://news.bbc.co.uk/1/hi/business/7073131.stm]. | US ''' ''Subprime'' mortgage crisis''' [http://news.bbc.co.uk/1/hi/business/7073131.stm]. | ||
'''US house prices fall''' throughout 2007 [http://money.cnn.com/2007/05/14/real_estate/first_quarter_NAR_prices/index.htm]. | '''US house prices fall''' throughout 2007 (fall 8% below 2006 peak) [http://money.cnn.com/2007/05/14/real_estate/first_quarter_NAR_prices/index.htm]. | ||
Large '''bank writedowns''' and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC. | Large '''bank writedowns''' and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC. | ||
Revision as of 12:49, 26 September 2008
For definitions of the terms shown in italics, see the related articles subpage of the main article.
The 1980s
Financial deregulation In the USA [1], [2], the UK [3].
First CMO issued
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [4]
1987 stock market crash [5]
The 1990s
Failure of a further 451 US "Savings and Loans" mortgage lenders.
Asian banking crisis [6].
'Basel I' recommended banking regulations published [7].
The year 2007 (summary)
US Subprime mortgage crisis [8].
US house prices fall throughout 2007 (fall 8% below 2006 peak) [9].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [10].
Collapse of interbank markets
September
UK Northern Rock bank run [11]
The year 2008 (summary)
2008
January
'Basel II' banking regulation recommendations take effect [12]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [13].
February
British government nationalises Northern Rock bank [14].
July
US Housing and Economic Recovery Act [15].
August
US Government's Fannie Mae and Freddie Mac rescue [16].
September
7 Fannie Mae and Freddie Mac nationalised [17].
12 Lehman Brothers seek bankruptcy protection [18]
15 US Federal Reserve Bank rescues Bear Stearns bank [19].
17 US government nationalises American Insurance Group [20].
- Russian stockmarket meltdown [21]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [22].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [23]
- UK temporary ban on short selling [24].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[25].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [26].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [27].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [28].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [29].