Crash of 2008/Timelines: Difference between revisions
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===January=== | ===January=== | ||
''''Basel II'''' banking regulation recommendations take effect [http://www.bis.org/publ/bcbs129.pdf ] | '''''Basel II''''' banking regulation recommendations take effect [http://www.bis.org/publ/bcbs129.pdf ] | ||
US mortgage lender '''Countrywide''' sold to Bank of America after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | US mortgage lender '''Countrywide''' sold to Bank of America after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | ||
Revision as of 04:38, 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].
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]
2008
January
Basel II banking regulation recommendations take effect [15]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [16].
February
British government nationalises Northern Rock bank [17].
June
US house prices 20% below 2006 peak [18].
July
US Housing and Economic Recovery Act [19].
August
US Government's Fannie Mae and Freddie Mac rescue [20].
September
7 Fannie Mae and Freddie Mac nationalised [21].
12 Lehman Brothers seek bankruptcy protection [22]
15 US Federal Reserve Bank rescues Bear Stearns bank [23].
17 US government nationalises American Insurance Group [24].
- Russian stockmarket meltdown [25]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [26].
18 US Treasury and Federal Reserve Bank propose a scheme to take "toxic assets" out of the US banking system [27]
- UK temporary ban on short selling [28].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[29].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [30].
25 US President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [31].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [32].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [33].