America’s Subprime Crisis – Timeline

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Here is the experts from the CNN Subprime crisis: A timeline ; mortgages crisiswhich began to surface less than 2 years ago.

  • Feb. 7, 2007HSBC announces anticipated losses from rising defaults of subprime mortgages in the United States.
  • April 2, 2007 – New Century Financial files for bankruptcy.
  • June 2007 – Hedge funds run by Bear Stearns run into large losses.
  • Sept. 18, 2007 – Federal Reserve starts cutting interest rates.
  • July 11, 2008 – FDIC takes over IndyMac ; FDIC warns more bank failures lay ahead.
  • March 16, 2008JPMorgan acquires Bear Stearns, deal engineered by the Federal Reserve.
  • Sept. 6, 2008 – US Treasury takes over mortgage gaints Fannie Mae (Fortune 500) and Freddie Mac (Fortune 500).
  • Sept. 15, 2008Lehman Brothers files for bankruptcy court protection; Bank of America (Fortune 500) acquires Merrill Lynch.

[ Subprime crisis: A timeline ]

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