Subprime mortgage crisis/Timelines: Difference between revisions
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==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to the sources that can be reached using the internet links shown thus [99], this timeline draws upon otherwise unpublished information obtained by interview and published in ''Fools Gold'' by Gillian Tett (see the [[/Bibliography|bibliography subpage]]). Numbers shown thus {123} are the relevant page numbers in that book. | |||
==The 1980s== | ==The 1980s== | ||
'''Financial deregulation''' [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html]. | '''Financial [[banking#Deregulation|deregulation]]''' [http://landru.i-link-2.net/monques/dereg80.html], [http://www.fdic.gov/regulations/laws/rules/8000-4100.html]. | ||
'''Savings and Loans crisis''' - Failure of 296 US "''Savings and Loans''" mortgage lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | '''Savings and Loans crisis''' - Failure of 296 US "''Savings and Loans''" [[mortgage]] lenders [http://www.fdic.gov/bank/analytical/banking/2000dec/brv13n2_2.pdf] | ||
==1990 - 2007== | |||
:1990 to 2003 | |||
:Progressive | ::Progressive [[discount rate]] reductions by [[Federal Reserve System|Federal Reserve]] (reducing the federal funds rate from from 8 per cent in 1990 to 1 per cent in 2003 [http://www.the-privateer.com/rates.html]. | ||
: | :: Housing boom begins (8% price increase 2002 to 2003) | ||
:1999 | |||
Fannie Mae eases credit terms for subprime | ::[[Fannie Mae]] eases credit terms for [[subprime mortgage]]s [http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&pagewanted=1] | ||
:2002 | |||
President sets target for expanding minority home-owning [http://www.whitehouse.gov/news/releases/2002/06/20020617-2.html]. | ::President sets target for expanding minority home-owning [http://www.whitehouse.gov/news/releases/2002/06/20020617-2.html]. | ||
: 2001 to Q3 2006 | |||
: | ::A US housing boom in which the average price rises by 80% [http://www2.standardandpoors.com/spf/pdf/index/CSHomePrice_History_102626.xls] . | ||
: | : 2003 to 2006 | ||
:: : The Federal Reserve makes a series of [[discount rate]] increases (increasing the federal funds rate from 1 per cent in 2003 to 5.25 per cent in 2006)[http://www.harpfinancial.com/InterestRateHistory/FederalFundsRate.htm]. | |||
: | : Q3 2006 to Q2 2007 | ||
:: US house prices fall to 8% below 2006 peak ()[http://money.cnn.com/2007/05/14/real_estate/first_quarter_NAR_prices/index.htm]. | |||
:: US mortgage foreclosures surge [http://realestate.msn.com/buying/articlenewhome.aspx?cp-documentid=340866] [http://news.bbc.co.uk/1/hi/business/7073131.stm]. | |||
:: The values of bank assets suffer large reductions (including the assets of the ''Bank of America'' and ''Citigroup'' banks in the US, the ''Barclays'' and ''HSBC'' banks in the UK, the ''BNP Paribas'' bank in France, and ''Credit Suisse'' bank in Switzerland. | |||
''' | |||
''' | |||
==2007== | |||
===June=== | ===June=== | ||
25 Two of the ''Bear Stearns'' bank's [[hedge fund]]s are threatened by losses from [[mortgage]] [[default (finance)|defaults]] [http://www.bloomberg.com/apps/news?pid=20601087&refer=home&sid=aYDTeHYnV3ms]. | |||
===August=== | ===August=== | ||
6 ''American Home Mortgage'' becomes [[bankruptcy|bankrupt]] [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece]. | |||
''' ' | 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] | ||
''''For further developments see [[crash of 2008 | ''''For further developments see [[crash of 2008/Timelines| the crash of 2008 timelines]] | ||
Latest revision as of 02:09, 27 October 2013
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 - 2007
- 1990 to 2003
- Progressive discount rate reductions by Federal Reserve (reducing the federal funds rate from from 8 per cent in 1990 to 1 per cent in 2003 [4].
- Housing boom begins (8% price increase 2002 to 2003)
- 1999
- Fannie Mae eases credit terms for subprime mortgages [5]
- 2002
- President sets target for expanding minority home-owning [6].
- 2001 to Q3 2006
- A US housing boom in which the average price rises by 80% [7] .
- 2003 to 2006
- : The Federal Reserve makes a series of discount rate increases (increasing the federal funds rate from 1 per cent in 2003 to 5.25 per cent in 2006)[8].
- Q3 2006 to Q2 2007
- US house prices fall to 8% below 2006 peak ()[9].
- The values of bank assets suffer large reductions (including the assets of the Bank of America and Citigroup banks in the US, the Barclays and HSBC banks in the UK, the BNP Paribas bank in France, and Credit Suisse bank in Switzerland.
2007
June
25 Two of the Bear Stearns bank's hedge funds are threatened by losses from mortgage defaults [12].
August
6 American Home Mortgage becomes bankrupt [13].
9 French bank BNP Paribas freezes some of its funds because it is unable to value its US mortgage-backed assets. [14]
'For further developments see the crash of 2008 timelines