Subprime mortgage crisis/Timelines

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Revision as of 15:32, 13 October 2008 by imported>Nick Gardner (→‎1990 - 2003)
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A timeline (or several) relating to Subprime mortgage crisis.

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]

2002

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

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 [7].

August

6 American Home Mortgage bankrupt [8].

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

2008

January

US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [10].

March

Bear Stearns bank rescued [11]

April

Global subprime crisis costs could reach $1 trillion (IMF estimate) [12].

IMF forecasts US recession and world growth slowdown [13].

June

US house prices 20% below 2006 peak [14].

August

Fannie Mae and Freddie Mac rescued [15].

September

7 Fannie Mae and Freddie Mac nationalised [16].

12 Lehman Brothers bankrupt[17] with losses of up to $160 billion to holders of its unsecured bonds.