Great Recession/Timelines: Difference between revisions
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imported>Nick Gardner (New page: {{subpages}} ==The 1980s== Financial deregulation [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html]. Savings and Loans crisi...) |
imported>Nick Gardner (→2008) |
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===January=== | ===January=== | ||
* The US mortgage lender ''Countrywide'' is 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'' is sold to ''Bank of America'' after its share price drops by 48% [http://news.bbc.co.uk/1/hi/business/7183221.stm]. | ====February==== | ||
* The British ''Northern Rock'' bank is "nationalised'' [http://news.bbc.co.uk/1/hi/business/7249575.stm]. | |||
===March=== | ===March=== | ||
*The US ''Bear Stearns'' bank is rescued following losses relating to mortgage-related assets by its hedge funds. [http://www.reuters.com/article/topNews/idUSN1438968020080315] | |||
The ''Bear Stearns'' bank is rescued following losses relating to mortgage-related assets by its hedge funds. [http://www.reuters.com/article/topNews/idUSN1438968020080315] | ====April==== | ||
* Bank of England announces its ''Special Liquidity Scheme'' to allow banks to swap some of their [[Liquidity|illiquid]] assets for liquid Treasury [[Bills]] for up to three years [http://www.bankofengland.co.uk/markets/sls/sls-information.pdf]. | |||
===June=== | ===June=== | ||
* US house prices fall to 20% below their 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]. | |||
US house prices fall to 20% below their 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=== | ===August=== | ||
*The government-sponsored mortgage lender ''Fannie Mae'' and ''Freddie Mac'' are rescued [http://nreionline.com/property/multifamily/real_estate_senate_okays_fannie/]. | |||
The government- | |||
===September=== | ===September=== | ||
*7 ''Fannie Mae'' and ''Freddie Mac'' are nationalised [http://www.foxbusiness.com/story/markets/government-seied-fannie-mae-freddie-mac/]. | |||
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]]goes 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 bonds. | ||
12 The ''Lehman Brothers'' [[investment bank]]goes 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 bonds. | |||
Revision as of 09:23, 8 March 2010
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 Bank (from 7% in 1990 t0 0.75% in 2003 [4].
- The United States housing boom begins (prices rise by 8% between 2002 and 2003)
2003 - 2006
- The Federal Reserve makes a series of discount rate increases (from 0.75% to 6.25% in 2006).
- The US housing boom continues [5] (Average 2006 house price about 70% above 2000 level)
2007
June
25 Two of the Bear Stearns Bank's suffer losses from mortgage defaults [6].
August
6 The American Home Mortgage Corporationgoes bankrupt [7].
9 The French bank BNP Paribas freezes its funds because it is unable to value their mortgage-backed assets. [8]
2008
January
- The US mortgage lender Countrywide is sold to Bank of America after its share price drops by 48% [9].
February
- The British Northern Rock bank is "nationalised [10].
March
- The US Bear Stearns bank is rescued following losses relating to mortgage-related assets by its hedge funds. [11]
April
- Bank of England announces its Special Liquidity Scheme to allow banks to swap some of their illiquid assets for liquid Treasury Bills for up to three years [12].
June
- US house prices fall to 20% below their 2006 peak [13].
August
- The government-sponsored mortgage lender Fannie Mae and Freddie Mac are rescued [14].
September
- 7 Fannie Mae and Freddie Mac are nationalised [15].
- 12 The Lehman Brothers investment bankgoes bankrupt[16] with losses of up to $160 billion to holders of its unsecured bonds.