Subprime mortgage crisis/Timelines
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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].
- Housing boom begins (8% increase 2002 to 2003)
1999
Fannie Mae eases credit terms for subprime loans [5]
2003 - 2006
- Progressive discount rate increases (from 0.75% to 6.25% in 2006).
- Housing boom continues (Average 2006 house price about 70% above 200 level)
2007
June
25 Two Bear Stearns hedge funds threatened by losses from mortgage defaults [6].
August
6 American Home Mortgage bankrupt [7].
9 French bank BNP Paribas freezes funds because it is .unable to value its US mortgage-backed assets. [8]