Crash of 2008/Timelines: Difference between revisions
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UK '''Northern Rock bank run''' [http://news.bbc.co.uk/1/hi/business/6996136.stm] | UK '''Northern Rock bank run''' [http://news.bbc.co.uk/1/hi/business/6996136.stm] | ||
==2008== | ==2008== | ||
Revision as of 13:00, 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]
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].
June
US house prices 20% below 2006 peak [15].
July
US Housing and Economic Recovery Act [16].
August
US Government's Fannie Mae and Freddie Mac rescue [17].
September
7 Fannie Mae and Freddie Mac nationalised [18].
12 Lehman Brothers seek bankruptcy protection [19]
15 US Federal Reserve Bank rescues Bear Stearns bank [20].
17 US government nationalises American Insurance Group [21].
- Russian stockmarket meltdown [22]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [23].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [24]
- UK temporary ban on short selling [25].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[26].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [27].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [28].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [29].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [30].