Crash of 2008/Timelines: Difference between revisions
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===August=== | ===August=== | ||
2 German '''IKB bank rescue''' [http://www.ft.com/cms/s/0/7017b0c0-411a-11dc-8f37-0000779fd2ac.html] | |||
6 '''American Home Mortgage''' bankrupt [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece]. | 6 '''American Home Mortgage''' bankrupt [http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2208983.ece]. | ||
9 French bank '''BNP Paribas unable to value its US mortgage-backed assets''' [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV] | 9 French bank '''BNP Paribas''' freezes funds because it is '''unable to value its US mortgage-backed assets''' [http://invest.bnpparibas.com/en/news/default.asp?Code=LPOI-75W9PV] | ||
''' | -'''Credit Crunch''' begins with the '''collapse of interbank market''' [http://www.gata.org/node/5802]. | ||
===September=== | ===September=== |
Revision as of 09:11, 30 September 2008
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For definitions of the terms shown in italics, see the related articles subpage of the main article.
The 1980s
Financial deregulation In the USA [1], [2], the UK [3] and elsewhere [4].
First CMO issued [5].
Savings and Loans crisis - Failure of 296 US "Savings and Loans" mortgage lenders [6]
1987 stock market crash [7].
Basel I recommended banking regulations published [8].
The 1990s
The decade: Credit risk banking crises in Switzerland, United Kingdom, Norway, Sweden, Japan and the US [9].
- Failure of a further 451 US "Savings and Loans" mortgage lenders.
1992 Deadline for implementation of Basel I.
1994 CMO crisis [10].
1997-8 Asian banking crisis [11].
2000-2006
US housing boom Average price rises 80% [12] .
The year 2007 (summary)
US house prices fall throughout 2007 (fall 8% below 2006 peak) [13].
US Subprime mortgage crisis [14].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
2 German IKB bank rescue [15]
6 American Home Mortgage bankrupt [16].
9 French bank BNP Paribas freezes funds because it is unable to value its US mortgage-backed assets [17]
-Credit Crunch begins with the collapse of interbank market [18].
September
UK Northern Rock bank run [19]
November
10 per cent of subprime mortgages are "seriously delinquent" [20].
2008
January
Basel II banking regulation recommendations take effect [21]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [22].
February
British government nationalises Northern Rock bank [23].
June
US house prices 20% below 2006 peak [24].
July
US Housing and Economic Recovery Act [25].
August
US Government's Fannie Mae and Freddie Mac rescue [26].
September
7 Fannie Mae and Freddie Mac nationalised [27].
12 Lehman Brothers seek bankruptcy protection [28]
15 US Federal Reserve Bank rescues Bear Stearns bank [29].
17 US government nationalises American Insurance Group [30].
- Russian stockmarket meltdown [31]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [32].
18 TARP rescue plan proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [33]
- UK temporary ban on short selling [34].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[35].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [36].
25 The President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [37].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [38].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [39].
28 Congressional leaders agree TARP terms [40].
- UK bank Bradford and Bingley nationalised [41].
29 TARP rescue plan rejected by House of Representatives [42]
- Wall Street share index falls by 7 per cent [43].
- European bank rescues [44].