Subprime mortgage crisis/Timelines: Difference between revisions

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The global subprime crisis costs could reach $1 trillion ([[International Fund|IMF]] estimate) [http://www.iht.com/articles/2008/04/08/business/imf.php].
The global subprime crisis costs could reach $1 trillion ([[International Fund|IMF]] estimate) [http://www.iht.com/articles/2008/04/08/business/imf.php].


The [[International Fund|IMF]] forecasts US [[recession]]''' and world growth slowdown [http://news.bbc.co.uk/1/hi/business/7338326.stm].
The [[International Fund|IMF]] forecasts US [[recession]] and world growth slowdown [http://news.bbc.co.uk/1/hi/business/7338326.stm].


===June===
===June===

Revision as of 06:58, 10 March 2010

This article is developed but not approved.
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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to the sources that can be reached using the internet links shown thus [99], this timeline draws upon otherwise unpublished information obtained by interview and published in Fools Gold by Gillian Tett (see the bibliography subpage).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]

2008

January

Distress sale of US mortgage lender Countrywide to the Bank of America bank (after its share price had dropped by 48%). [11].

March

Bear Stearns bank rescued following losses relating to mortgage-related assets by its hedge funds. [12]

April

The global subprime crisis costs could reach $1 trillion (IMF estimate) [13].

The IMF forecasts US recession and world growth slowdown [14].

June

US house prices 20% below 2006 peak [15].

August

Fannie Mae and Freddie Mac rescued [16].

September

7 Fannie Mae and Freddie Mac nationalised [17].

12 Lehman Brothers bankrupt[18] with losses of up to $160 billion to holders of its unsecured bonds.


'For further developments see crash of 2008 [19]'