Subprime Crisis Impact Timeline

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Subprime crisis impact timelineFrom Wikipedia, the free encyclopedia

Main article: Subprime mortgage crisis

Part of a series on:

20072010 financial crisis

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The subprime crisis impact timeline lists dates relevant to the creation of a United States housing

bubble and the 2005 housing bubble burst (ormarket correction) and the subprime mortgage

crisiswhich developed during 2007 and 2008. It includesUnited Statesenactment of government laws

and regulations, as well as public and private actions which affected the housing industry and related

banking and investment activity. It also notes details of important incidents in the United States, such

as bankruptcies and takeovers, and information and statistics about relevant trends. For moreinformation on reverberations of this crisis throughout the global financial system seeFinancial crisis of

20072010 orGlobal financial crisis of SeptemberOctober 2008.

Contents

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1 19381989

2 1990 - 2000

3 2001-2006

4 2007

5 2008

o 5.1 2008 in general

o 5.2 January 2008 to August 2008

o 5.3 September 2008

o 5.4 October 2008

o 5.5 November 2008

o 5.6 December 2008

6 2009

7 2010

8 See also

9 References

10 Further reading

11 External links

[edit]19381989

1938: The Federal National Mortgage Association, commonly known as Fannie Mae, is

established (as part of Franklin Delano Roosevelt's New Deal) to purchase and securitize

mortgages to ensure that funds are consistently available to the institutions that lend money to

home buyers.

1968: Fannie Mae is converted from a federal government entity to a stand-alonegovernment

sponsored enterprise(GSE) which purchases and securitizes mortgages to facilitate liquidity in the

primary mortgage market. The move takes the debt of Fannie Mae off of the books of the

government.

1970: Federal Home Loan Mortgage Corporation (Freddie Mac) is created by an act of

Congress, as agovernment sponsored enterprise, to buy mortgages on the secondary market,

pool them, and sell them as mortgage-backed securities to investors on the open market; 1971 it

issues its first Mortgage Participation Certificate security.[1]
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1970s: Private companies begin mortgage asset securitization with the creation of private

mortgage pools in the 1970s.[2]

1974:Equal Credit Opportunity Act imposes heavy sanctions for financial institutions found

guilty of discrimination on the basis of race, color, religion, national origin, sex, marital status, or

age[3]

1977:Community Reinvestment Act is enacted to address historical discrimination in lending.

The Act encourages commercial banks and savings associations to meet the needs of borrowers

in all segments of their communities, including low- and moderate-income neighborhoods.[4][5]

1980: TheDepository Institutions Deregulation and Monetary Control Act (DIDMCA) of 1980

granted all thrifts, including savings and loan associations, the power to make consumer and

commercial loans and to issue transaction accounts and exempted federally chartered savings

banks, installment plan sellers and chartered loan companies from state usury (unlimited interest

rates) limits.[6]

1981: Each of the 12Federal Reserve banks establishes a Community Affairs Office to offer

public and private guidance in accordance with the Community Reinvestment Act.[7][8]

1981:Salomon Brotherstransitions from a private partnership to a public corporation, the first

of the Wall St. investment banks to do so. This shifts the risk of financial loss from the partners to

shareholders, arguably increasing the appetite for risk. [9]

1982:Alternative Mortgage Transaction Parity Act of 1982 (AMTPA) preempts state laws

allows lenders to originate mortgages with features such as adjustable-rate mortgages,balloon

payments, and negative amortizationand "allows lenders to make loans with terms that may

obscure the total cost of a loan".[10]

1986:Tax Reform Act of 1986 (TRA) ended prohibited taxpayers from deducting interest on

consumer loans, such as credit cards and auto loans, while allowing them to deduct interest paid

on mortgage loans, providing an incentive for homeowners to take outhome equity loansto pay

off consumer debt.[10] Household debt would grow from $705 billion at year end 1974, 60%

ofdisposable personal income, to $7.4 trillion at year end 2000, and finally to $14.5 trillion in

midyear 2008, 134% of disposable personal income.[11]

1987 The mezzanineCDOwas invented at Drexel Burnham Lambert;Credit Suisse develops

the mortgage-backed CDO in 2000.[9]

19851989: The effects ofTax Reform Act of 1986, the elimination ofRegulation Q which had

capped interest rates banks were allowed to pay, imprudent lending during the late 1970s

inflationary period, as well as other causes,[12] led toasset-liability mismatch for many Savings and

Loans.[13], This defacto insolvency led to the Savings and Loan Crisis and the failure and/or
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closure of half of all federally insured savings and loans. The number declined from 3,234 to

1,645.[14][15]

1989-1995: Financial Institutions Reform, Recovery and Enforcement Act("FIRREA")

established theResolution Trust Corporation (RTC) which closed hundreds of insolvent savings

and loansholding $519 billion in assets and moved regulatory authority to the Office of Thrift

Supervision (OTS). The U.S. government ultimately appropriated 105 billion dollars to resolve the

crisis. After banks repaid loans through various procedures, there was a net loss to taxpayers of

40 billion dollars by the end of 1999.[16]

[edit]1990 - 2000

1992:Federal Housing Enterprises Financial Safety and Soundness Act of

1992 requiredFannie MaeandFreddie Macto devote a percentage of their lending to support

affordable housing increasing their pooling and selling of such loans assecurities; Office of

Federal Housing Enterprise Oversight (OFHEO) created to oversee them[17][18]

1993: TheFederal Reserve Bank of Boston published "Closing the Gap: A Guide to Equal

Opportunity Lending" which recommended a series of measures to better serve low-income and

minority households, including loosening income thresholds for receiving a mortgage, influencing

government policy and housing activist demands on banks thereafter. [19][20]

1994:Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994(IBBEA) repeals

the interstate provisions of theBank Holding Company Act of 1956 that regulated the actions

ofbank holding companies.

1995: New Community Reinvestment Actregulations break down home-loan data by

neighborhood, income, and race, enabling community groups to complain to banks and regulators

about CRA compliance. Regulations also allows community groups that market loans to collect a

broker's fee.[21] Fannie Mae allowed to receive affordable housing credit for buying subprime

securities.[18]

19952001: Dot-com bubble and collapse

1997: Mortgage denial rate of 29 percent for conventional home purchase loans.[22] Investors

purchased more than $60 billion of subprime mortgage backed securities, six times more than1991s volume of $10 billion.[10] (private label securities, not GSE backed)

July: TheTaxpayer Relief Act of 1997 expanded the capital-gains exclusion to

$500,000 (per couple) from $125,000, encouraging people to invest in second homes and

investment properties.[23]
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ki/Security_(finance)http://en.wikipedia.org/wiki/Office_of_Federal_Housing_Enterprise_Oversighthttp://en.wikipedia.org/wiki/Office_of_Federal_Housing_Enterprise_Oversighthttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Bernanke-16%23cite_note-Bernanke-16http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Leonnig-17%23cite_note-Leonnig-17http://en.wikipedia.org/wiki/Federal_Reserve_Bankhttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-18%23cite_note-18http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-19%23cite_note-19http://en.wikipedia.org/w/index.php?title=Riegle-Neal_Interstate_Banking_and_Branching_Efficiency_Act_of_1994&action=edit&redlink=1http://en.wikipedia.org/wiki/Bank_Holding_Company_Act_of_1956http://en.wikipedia.org/wiki/Bank_holding_companieshttp://en.wikipedia.org/wiki/Community_Reinvestment_Acthttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Braunstein-20%23cite_note-Braunstein-20http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Leonnig-17%23cite_note-Leonnig-17http://en.wikipedia.org/wiki/Dot-com_bubblehttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-FFIEC2004-21%23cite_note-FFIEC2004-21http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-huduser.org-9%23cite_note-huduser.org-9http://en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-22%23cite_note-22


5/19

November: Freddie Mac helpedFirst Union Capital Markets and Bear Stearns &

Co launch the first publicly available securitization of CRA loans, issuing $384.6 million of

such securities. All carried a Freddie Mac guarantee as to timely interest and principal.[24]

[25]First Union was not a subprime lender. [26]

1998: Incipienthousing bubble as inflation-adjusted home price appreciation exceeds 10%

per year in most West Coast metropolitan areas. [27]

May: Brooksley Bornand theCommodity Futures Trading Commission release a

report calling for regulation ofOver the Counter Derivatives. Born says that non-transparent

trading could severely harm the economy. Alan Greenspan, Robert Rubin, and Arthur Levittof

president Clinton'sWorking Group on Financial Markets, andLarry Summers, fight against

her plan and convince congress and others to take no action.[28][29][30][31]

October: "Financial Services Modernization Act" killed in Senate because of no

restrictions on Community Reinvestment Act-related community groups written into law[32]

Federal Reserve Bank of New York rescuesLong-Term Capital Managementhedge

fundin 1998, which a Government Accountability Officecritic said encouraged risky loans on

assumption government will bail out "too big to fail" banks and companies.[33]

1998-2008: With increase in sales of mortgage-backed securities, companies buy moreCredit

default swaps, unregulated insurance contracts used to protect debt holders; these increased 100-

fold from, with estimates of the debt covered by such contracts, as of November 2008, ranging

from $33 to $47 trillion.[34]

1999:

September: Fannie Mae eases the credit requirements to encourage banks to

extend home mortgages to individuals whose credit is not good enough to qualify for

conventional loans.[35]

November: The Gramm-Leach-Bliley Act (or "Financial Services Modernization Act")

is signed by presidentBill Clinton. It repeals theGlass-Steagall Act of 1933. It deregulates

banking, insurance, securities, and the financial services industry, allowing financial

institutions to grow very large. It also limits Community Reinvestment Coverage of smaller

banks and makes community groups report certain financial relationships with banks.

Congressmen key to the effort include Phil Gramm, Jim Leach,Thomas J. Bliley, Jr.,Chuck

Schumer, and Chris Dodd.[32]

2000: Lenders originating $160 billion worth of subprime, up from $40 billion in 1994. Fannie

Mae buys $600 million of subprime mortgages, primarily on a flow basis. Freddie Mac, in that

same year, purchases $18.6 billion worth of subprime loans, mostly Alt A and A- mortgages.
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act_timeline#cite_note-27%23cite_note-27http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-28%23cite_note-28http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-29%23cite_note-29http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-30%23cite_note-30http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Labaton-31%23cite_note-Labaton-31http://en.wikipedia.org/wiki/Federal_Reserve_Bank_of_New_Yorkhttp://en.wikipedia.org/wiki/Long-Term_Capital_Managementhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Hedge_fundhttp://en.wikipedia.org/wiki/Government_Accountability_Officehttp://en.wikipedia.org/wiki/Too_Big_to_Fail_policyhttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-32%23cite_note-32http://en.wikipedia.org/wiki/Credit_default_swapshttp://en.wikipedia.org/wiki/Credit_default_swapshttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-33%23cite_note-33http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Holmes-34%23cite_note-Holmes-34http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Acthttp://en.wikipedia.org/wiki/Bill_Clintonhttp://en.wikipedia.org/wiki/Glass-Steagall_Acthttp://en.wikipedia.org/wiki/Phil_Grammhttp://en.wikipedia.org/wiki/Jim_Leachhttp://en.wikipedia.org/wiki/Thomas_J._Bliley,_Jr.http://en.wikipedia.org/wiki/Chuck_Schumerhttp://en.wikipedia.org/wiki/Chuck_Schumerhttp://en.wikipedia.org/wiki/Chris_Doddhttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Labaton-31%23cite_note-Labaton-31


6/19

Freddie Mac guarantees another $7.7 billion worth of subprime mortgages in structured

transactions.[10]

October: Fannie Mae commits to purchase and securitize $2 billion of Community

Reinvestment Act eligible loans,[36][37]

November: Fannie Mae announces that the Department of Housing and Urban

Development (HUD) will soon require it to dedicate 50% of its business to low- and

moderate-income families" and its goal is to finance over $500 billion in Community

Reinvestment Act related business by 2010.[38]

December:Commodity Futures Modernization Act of 2000defines interest rates,

currency prices, and stock indexes as "excluded commodities," allowing trade ofcredit-default

swaps by hedge funds, investment banks or insurance companies with minimal oversight[39],

and contributing to 2008 crisis in Bear Stearns & Co,Lehman Brothers, and AIG.[40][41][42]

[edit]2001-2006

20002003: Early 2000s recessionspurs government action to rev up economy.[citation needed]

2000-2001: US Federal Reserve lowersFederal funds rate 11 times, from 6.5% (May 2000) to

1.75% (December 2001),[43]creating an easy-credit environment that fueled the growth of US

subprime mortgages.[44]

2002-2006: Fannie Mae and Freddie Mac combined purchases of incorrectly rated AAA

subprime mortgage-backed securities rise from $38 billion to $90 billion per year.[45][46][47]

Lenders began to offer loans to higher-risk borrowers,[48]Subprime mortgages

amounted to $600 billion (20%) by 2006.[49][50]

Speculation in residential real estate rose. During 2005, 28% of homes purchased

were for investment purposes, with an additional 12% purchased as vacation homes. During

2006, these figures were 22% and 14%, respectively.[51] As many as 85% of condominium

properties purchased in Miami were for investment purposes which the owners resold

("flipped") without the seller ever having lived in them.[52]

20022003: Mortgage denial rate of 14 percent for conventional home purchase loans, half of

1997.[22]

2002: Annual home price appreciation of 10% or more in California, Florida, and most

Northeastern states.[53]

June 17:President G.W. Bush sets goal of increasing minority home owners by at

least 5.5 million by 2010 through billions of dollars in tax credits, subsidies and a Fannie Mae
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commitment of $440 billion to establishNeighborWorks Americawith faith based

organizations.[54]

2003:Federal Reserve ChairAlan Greenspanlowers federal reserves key interest rate to

1%, the lowest in 45 years.[55]

August: Borio and White ofBank of International Settlements speak at the Jackson

Hole Economic Symposium, referencing BIS's "Credit Risk Transfer" 2003 report which

warned about problems withcollateralized debt obligations andrating agencies. Their

arguments are rejected or ignored by attendees, includingAlan Greenspan.[56]

September: Bush administration recommend moving governmental supervision of

Fannie Mae and Freddie Mac under a new agency created within the Department of the

Treasury. The changes are blocked by Congress.[57]

2003-2007: U.S. subprime mortgages increased 292%, from $332 billion to $1.3 trillion, due

primarily to the private sector entering the mortgage bond market, once an almost exclusive

domain ofgovernment sponsored enterpriseslike Freddie Mac.[58][59]

The Federal Reserve fails to use its supervisory and regulatory authority over banks,

mortgage underwriters and other lenders, who abandoned loan standards (employment

history, income, down payments, credit rating, assets, property loan-to-value ratio and debt-

servicing ability), emphasizing instead lender's ability to securitize and repackage subprime

loans.[39][60]

2004-2007: Manyfinancial institutions issued large amounts of debt and invested

in mortgage-backed securities (MBS), believing that house prices would continue to rise and that

households would keep up on mortgage payments.[61]

2004: U.S. homeownership rate peaks with an all time high of 69.2 percent.[62]

Following example ofCountrywide Financial, the largest U.S. mortgage lender, many

lenders adopt automated loan approvals that critics argued were not subjected to appropriate

review and documentation according to good mortgage underwritingstandards.[63]In 2007,

40% of all subprime loans resulted from automated underwriting.[64][65]Mortgage fraudby

borrowers increases.[66]

HUD ratcheted up Fannie Mae and Freddie Mac affordable-housing goals for next

four years, from 50 percent to 56 percent, stating they lagged behind the private market; they

purchased $175 billion in 200444 percent of the market; from 2004 to 2006, they purchased

$434 billion in securities backed by subprime loans [18]

October:SEC effectively suspends net capital rule for five firmsGoldman

Sachs,Merrill Lynch, Lehman Brothers, Bear StearnsandMorgan Stanley. Freed from
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government imposed limits on the debt they can assume, they levered up 20, 30 and even 40

to 1, buying massive amounts of mortgage-backed securities and other risky investments.[67]

2005:

The Securities and Exchange Commission ceases an investigation ofBear

Stearns "pricing, valuation, and analysis" of mortgage-backedcollateralized debt obligations.

No action is taken against Bear. [68]

Robert Shillergives talks warning about a housing bubble to the Office of the

Comptroller of the Currency and the Federal Deposit Insurance Corporation. He is ignored,

and would later call it an incidence ofGroupthink. That same year, his second edition of

"Irrational Exhuberance" warns that the housing bubble might lead to a worldwide

recession. [69]

January:

Federal ReserveGovernorEdward Gramlich raises concerns over subprime

lending practices, says mortgage brokers might not have incentives for careful

underwriting and that that portion of the subprime industry was veering close to a

breakdown, that it's possible that it is a bubble but that the housing market did not qualify

for specific monetary policy treatment at this point[70].

The Bank of International Settlements warns about the problems with

structured financial products, and points out the conflict of interest ofcredit rating

agencies - that they are being payed by the same companies they are supposed to be

objectively evaluating.[56]

February: The Office of Thrift Supervision implements new rules that allow savings

and loans with over $1 billion in assets to meet their CRA obligations without investing in local

communities, cutting availability of subprime loans.[71]

June: TheInternational Swaps and Derivatives Associationenables credit default

swaps (quasi-insurance contracts) to be taken out against asset-backed-

securitycollateralized debt obligations (including ones backed by subprime mortgages).[72]

August: Raghuram Rajan delivers his paper "Has Financial Development Made the

World Riskier?", warning about credit default swaps, at theJackson Hole Economic

Symposium. His arguments are rejected by attendees, includingAlan Greenspan,Donald

Kohn, and Lawrence Summers.[73][74]

September: TheMortgage Insurance Companies of America send a letter to

the Federal Reserve, warning about 'risky lending practices' in US real estate.[56]

Fall 2005: Booming housing market halts abruptly; from the fourth quarter of 2005 to

the first quarter of 2006, median prices nationwide drop 3.3 percent.[75]
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2006:

May: The subprime lenderAmeriquest announces it will cut 3,800 Jobs, close its 229

retail branches and rely instead on the Web[76]

May: Merit Financial Inc, based in Kirkland, Washington, files for bankruptcy and

closes its doors, firing all but 80 of its 410 employees; Merits marketplace decline about 40%

and sales are not bringing in enough revenue to support overhead.[55]

August: U.S. Home Construction Indexis down over 40% as of mid-August 2006

compared to a year earlier.[77]

September 7:Nouriel Roubiniwarns the International Monetary Fund about a

coming US housing bust, mortgage-backed securities failures, bank failures, and a recession.

His work was based partly on his study of recent economic crises in Russia (1998),Argentina

(2000),Mexico (1994), and Asia (1997)[78]

Fall 2006 J.P. Morgan CEO Jamie Dimon directs the firm to reduce its exposure to

subprime mortgages.[9]

December 2006 Goldman-Sachs claims after the fact that it began reducing its

exposure to subprime mortgages at this point. It also begins increasing its short positions.

Others claim these risk decisions were made in the spring and summer 2007.[9]

[edit]2007

See also:Financial crisis of 20072010,List of writedowns due to subprime crisis, andList of bankrupt

or acquired banks during the subprime mortgage crisis

Home sales continue to fall. The plunge in existing-home sales is the steepest since 1989. In

Q1/2007, S&P/Case-Shiller house price indexrecords first year-over-year decline in nationwide house

prices since 1991.[79] Thesubprime mortgageindustry collapses, and a surge of foreclosure activity

(twice as bad as 2006)[80] and rising interest rates threaten to depress prices further as problems in the

subprime markets spread to the near-prime and prime mortgage markets.[81]

January 3: Ownit Mortgage Solutions Inc. files for Chapter 11. Records show that

Ownit Mortgage Solutions owed Merrill Lynch around $93 million at the time of filing.[55]

February 5: Mortgage Lenders Network USA Inc., the country's 15th largest

subprime lender with $3.3 billion in loans funded in third quarter 2006, files for Chapter 11. [55]

FebruaryMarch: Subprime industry collapse; several subprime lenders

declaringbankruptcy, announcing significant losses, or putting themselves up for sale.
http://en.wikipedia.org/wiki/Ameriquesthttp://en.wikipedia.org/wiki/Ameriquesthttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-75%23cite_note-75http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-autogenerated1-54%23cite_note-autogenerated1-54http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-autogenerated1-54%23cite_note-autogenerated1-54http://en.wikipedia.org/w/index.php?title=U.S._Home_Construction_Index&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=U.S._Home_Construction_Index&action=edit&redlink=1http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-76%23cite_note-76http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-76%23cite_note-76http://en.wikipedia.org/wiki/Nouriel_Roubinihttp://en.wikipedia.org/wiki/Nouriel_Roubinihttp://en.wikipedia.org/wiki/Nouriel_Roubinihttp://en.wikipedia.org/wiki/International_Monetary_Fundhttp://en.wikipedia.org/wiki/1998_Russian_financial_crisishttp://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)http://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)http://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)http://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)http://en.wikipedia.org/wiki/1994_economic_crisis_in_Mexicohttp://en.wikipedia.org/wiki/1997_Asian_Financial_Crisishttp://en.wikipedia.org/wiki/1997_Asian_Financial_Crisishttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-77%23cite_note-77http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Lewis-The_Big_Short-8%23cite_note-Lewis-The_Big_Short-8http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Lewis-The_Big_Short-8%23cite_note-Lewis-The_Big_Short-8http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Lewis-The_Big_Short-8%23cite_note-Lewis-The_Big_Short-8http://en.wikipedia.org/w/index.php?title=Subprime_crisis_impact_timeline&action=edit&section=4http://en.wikipedia.org/w/index.php?title=Subprime_crisis_impact_timeline&action=edit&section=4http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932010http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932010http://en.wikipedia.org/wiki/Financial_crisis_of_2007%E2%80%932010http://en.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisishttp://en.wikipedia.org/wiki/List_of_writedowns_due_to_subprime_crisishttp://en.wikipedia.org/wiki/List_of_bankrupt_or_acquired_banks_during_the_subprime_mortgage_crisishttp://en.wikipedia.org/wiki/List_of_bankrupt_or_acquired_banks_during_the_subprime_mortgage_crisishttp://en.wikipedia.org/wiki/House_price_indexhttp://en.wikipedia.org/wiki/House_price_indexhttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-78%23cite_note-78http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-78%23cite_note-78http://en.wikipedia.org/wiki/Subprime_mortgagehttp://en.wikipedia.org/wiki/Subprime_mortgagehttp://en.wikipedia.org/wiki/Subprime_mortgagehttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-twice-79%23cite_note-twice-79http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-twice-79%23cite_note-twice-79http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-CFC_warning-80%23cite_note-CFC_warning-80http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-autogenerated1-54%23cite_note-autogenerated1-54http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-autogenerated1-54%23cite_note-autogenerated1-54http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-autogenerated1-54%23cite_note-autogenerated1-54http://en.wikipedia.org/wiki/Bankruptcyhttp://en.wikipedia.org/wiki/Bankruptcyhttp://en.wikipedia.org/wiki/Ameriquesthttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-75%23cite_note-75http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-autogenerated1-54%23cite_note-autogenerated1-54http://en.wikipedia.org/w/index.php?title=U.S._Home_Construction_Index&action=edit&redlink=1http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-76%23cite_note-76http://en.wikipedia.org/wiki/Nouriel_Roubinihttp://en.wikipedia.org/wiki/International_Monetary_Fundhttp://en.wikipedia.org/wiki/1998_Russian_financial_crisishttp://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)http://en.wikipedia.org/wiki/Argentine_economic_crisis_(1999%E2%80%932002)http://en.wikipedia.org/wiki/1994_economic_crisis_in_Mexicohttp://en.wikipedia.org/wiki/1997_Asian_Financial_Crisishttp://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-77%23cite_note-77http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Lewis-The_Big_Short-8%23cite_note-Lewis-The_Big_Short-8http://en.wikipedia.org/wiki/Subprime_crisis_impact_timeline#cite_note-Lewis-The_Big_Short-8%23cite_note-Lewis-The_Big_Shor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10/19

[82] These include Accredited Home Lenders Holding,New Century Financial,DR

HortonandCountrywide Financial[83]

March: The value of USA subprime mortgages was estimated at $1.3 trillion as of

March 2007.[84]

March 6: In a speech before the Independent Community Bankers of America's

Annual Convention and Techworld, Honolulu, Hawaii,Ben Bernanke, quoting Alan Greenspan,

warns that the Government Sponsored Enterprises (GSEs), Fannie Mae and Freddie Mac,

were a source of "systemic risk" and suggest legislation to head off a possible crisis[85]

April 2: New Century Financial, largest U.S. subprime lender, files for chapter 11

bankruptcy.[86]

April 3: According to CNN Money, business sources report lenders made $640 billion

in subprime loans in 2006, nearly twice the level 3 years earlier; subprime loans amounted to

about 20 percent of the nation's mortgage lending and about 17 percent of home purchases;

financial firms and hedge funds likely own more than $1 trillion in securities backed by

subprime mortgage; about 13 percent of subprime loans are now delinquent, more than five

times the delinquency rate for home loans to borrowers with top credit; more than 2 percent of

subprime loans had foreclosure proceedings start in the fourth quarter.[86]

April 18: Freddie Mac fined $3.8 million by the Federal Election Commission as a

result of illegal campaign contributions, much of it to members of theUnited States House

Committee on Financial Services which oversees Freddie Mac.[87]

June 7: Bear Stearns & Co informs investors in two of its funds, the High-Grade

Structured Credit Strategies Enhanced Leverage Fund and the High-Grade Structured Credit

Fund that it was halting redemptions.[88]

June 20: Merrill Lynch seized $800 million in assets from two Bear Stearns hedge

fundsthat were involved in securities backed by subprime loans.[89].

June 25: FDIC Chair Shelia Bair cautioned against the more flexible risk

management standards of the Basel II international accord and lowering bank capital

requirements generally: "There are strong reasons for believing that banks left to their own

devices would maintain less capital -- not more -- than would be prudent. The fact is, banks do

benefit from implicit and explicit government safety nets...In short, regulators can't leave

capital decisions totally to the banks."[90]

July 19:Dow Jones Industrial Average closes above 14,000 for the first time in its

history.[91]

August: worldwide "credit crunch" as subprime mortgage backed securities are

discovered in portfolios of banks and hedge funds around the world, fromBNP
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ParibastoBank of China. Many lenders stop offering home equity loans and "stated income"

loans.Federal Reserve injects about $100 billion into the money supply for banks to borrow at

a low rate.[citation needed]

August 6:American Home Mortgage Investment Corporation (AHMI) filesChapter 11

bankruptcy. The company expects to see up to a $60 million loss for the first quarter2007[92].

August 7: Numerous quantitative long/short equity hedge funds suddenly begin

experiencing unprecedented losses as a result of what is believed to be liquidations by some

managers eager to access cash during the liquidity crisis. It highlights one of the first

examples of the contagion effect of the subprime crisis spilling over into a radically different

business area.[93].

August 8: Mortgage Guaranty Insurance Corporation(MGIC,Milwaukee,Wisconsin)

announces it will discontinue its purchase ofRadian Group[94] after suffering a billion-dollar

loss[95]

of its investment in Credit-Based Asset Servicing and Securitization (C-BASS, New

York]).[96]

August 9: French investment bank BNP Paribassuspends three investment funds

that invested in subprime mortgage debt[97], due to a "complete evaporation of liquidity" [98]in

the market. The bank's announcement is the first of many credit-loss and write-down

announcements by banks, mortgage lenders and other institutional investors, as subprime

assets went bad, due to defaults by subprime mortgage payers.[99]This announcement

compels the intervention of the European Central Bank, pumping 95 billion euros into the

European banking market.[100][101]

August 10: Central banks coordinate efforts to increase liquidity for first time since

the aftermath of the September 11, 2001 terrorist attacks.[102] The United States Federal

Reserve (Fed)injectsa combined 43 billion USD, the European Central Bank (ECB) 156

billion euros (214.6 billion USD), and the Bank of Japan 1 trillion Yen (8.4 billion USD).

Smaller amounts come from the central banks ofAustralia, and Canada.[102]

August 14: Sentinel Management Group suspends redemptions for investors and

sells off $312 million worth of assets; three days later Sentinel files for Chapter 11 bankruptcy

protection.[103] US and European stock indices continue to fall.[104]

August 15: The stock ofCountrywide Financial, which is the largest mortgage lender

in the United States, falls around 13% on theNew York Stock Exchangeafter Countrywide

says foreclosures and mortgage delinquencies have risen to their highest levels since early

2002.[105]
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Subprime Crisis Impact Timeline

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