Subprime mortgage crisis/Timelines: Difference between revisions

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9 French bank ''BNP Paribas'' freezes some of its funds because it is unable to value its US mortgage-backed [[asset (finance)|assets]]. [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV]
9 French bank ''BNP Paribas'' freezes some of its funds because it is unable to value its US mortgage-backed [[asset (finance)|assets]]. [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV]


==2008==


===January===
''''For further developments see [[crash of 2008/Timelines| the crash of 2008 timelines]]
 
[[Distress sale]] of US mortgage lender ''Countrywide''  to the ''Bank of America'' bank (after its share price had dropped  by 48%). [http://news.bbc.co.uk/1/hi/business/7183221.stm].
 
===March===
 
The''Bear Stearns'' [[investment bank]] is  rescued from [[bankruptcy]] following losses relating to  mortgage-related [[asset (finance)|assets]]  by its [[hedge fund]]s. [http://www.reuters.com/article/topNews/idUSN1438968020080315]
 
===April===
 
The global subprime crisis costs could reach $1 trillion ([[International Monetary Fund|IMF]] estimate) [http://www.iht.com/articles/2008/04/08/business/imf.php].
 
The [[International Monetary Fund|IMF]] forecasts US [[recession]] and world growth slowdown [http://news.bbc.co.uk/1/hi/business/7338326.stm].
 
===June===
 
US house prices 20% below 2006 peak [http://www2.standardandpoors.com/portal/site/sp/en/us/page.topic/indices_csmahp/0,0,0,0,0,0,0,0,0,2,1,0,0,0,0,0.html].
 
===August===
 
Mortgage lenders [[Fannie Mae]] and [[Freddie Mac]] are rescued from [[bankruptcy]] [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/].
 
===September===
 
7  Fannie Mae and Freddie Mac  are nationalised '''[http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/].
 
12 The ''Lehman Brothers'' [[investment bank]] becomes [[bankruptcy|bankrupt]] [http://www.lehman.com/press/pdf_2008/091508_lbhi_chapter11_announce.pdf] with losses of up to $160 billion to holders of its unsecured [[bond]]s.
 
 
 
''''For further developments see [[crash of 2008/Timelines#October|October  2008 ]]

Revision as of 16:21, 19 March 2010

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https://en.citizendium.org/wiki/index.php?title=Subprime_mortgage_crisis/Timelines&printable=yes
A timeline (or several) relating to Subprime mortgage crisis.

Sources

In addition to the sources that can be reached using the internet links shown thus [99], this timeline draws upon otherwise unpublished information obtained by interview and published in Fools Gold by Gillian Tett (see the bibliography subpage). Numbers shown thus {123} are the relevant page numbers in that book.

The 1980s

Financial deregulation [1], [2].

Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [3]

1990 - 2003

Progressive discount rate cuts by Federal Reserve (from 7% in 1990 to 0.75% in 2003 [4].
Housing boom begins (8% increase 2002 to 2003)

1999

Fannie Mae eases credit terms for subprime mortgages [5]

2002

President sets target for expanding minority home-owning [6].

2003 - 2006

Progressive discount rate increases (from 0.75% to 6.25% in 2006).
Housing boom continues [7] (Average 2006 house price about 70% above 2000 level)

2007

June

25 Two of the Bear Stearns bank's hedge funds are threatened by losses from mortgage defaults [8].

August

6 American Home Mortgage becomes bankrupt [9].

9 French bank BNP Paribas freezes some of its funds because it is unable to value its US mortgage-backed assets. [10]


'For further developments see the crash of 2008 timelines

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