Crash of 2008/Timelines: Difference between revisions
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For definitions of the terms shown in ''italics'', see the related articles subpage of the main article. | For definitions of the terms shown in ''italics'', see the related articles subpage of the main article. | ||
==The 1980s== | ==The 1980s== | ||
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'''''CMO'' crisis''' (1994) [http://hf-implode.com/imploded/fund_AskinCapitalManagement_1994.html]. | '''''CMO'' crisis''' (1994) [http://hf-implode.com/imploded/fund_AskinCapitalManagement_1994.html]. | ||
'''Asian banking crisis''' [http://www.eastwestcenter.org/fileadmin/stored/pdfs/api078.pdf]. | '''Asian banking crisis''' [http://www.eastwestcenter.org/fileadmin/stored/pdfs/api078.pdf]. | ||
==2000-2006== | |||
'''US housing boom''' Average price rises 50%. | |||
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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. | ||
==2007== | ==2007== | ||
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10 per cent of subprime mortgages are "seriously delinquent" [http://www.occ.treas.gov/ftp/release/2008-65b.pdf]. | 10 per cent of subprime mortgages are "seriously delinquent" [http://www.occ.treas.gov/ftp/release/2008-65b.pdf]. | ||
==2008== | ==2008== | ||
Revision as of 14:47, 27 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] and elsewhere [4].
First CMO issued [5].
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [6]
1987 stock market crash [7].
Basel I recommended banking regulations published [8].
The 1990s
Failure of a further 451 US "Savings and Loans" mortgage lenders.
CMO crisis (1994) [9].
Asian banking crisis [10].
2000-2006
US housing boom Average price rises 50%.
The year 2007 (summary)
US Subprime mortgage crisis [11].
US house prices fall throughout 2007 (fall 8% below 2006 peak) [12].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [13].
Collapse of interbank markets
September
UK Northern Rock bank run [14]
November
10 per cent of subprime mortgages are "seriously delinquent" [15].
2008
January
Basel II banking regulation recommendations take effect [16]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [17].
February
British government nationalises Northern Rock bank [18].
June
US house prices 20% below 2006 peak [19].
July
US Housing and Economic Recovery Act [20].
August
US Government's Fannie Mae and Freddie Mac rescue [21].
September
7 Fannie Mae and Freddie Mac nationalised [22].
12 Lehman Brothers seek bankruptcy protection [23]
15 US Federal Reserve Bank rescues Bear Stearns bank [24].
17 US government nationalises American Insurance Group [25].
- Russian stockmarket meltdown [26]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [27].
18 TARP proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [28]
- UK temporary ban on short selling [29].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[30].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [31].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [32].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [33].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [34].