Crash of 2008/Timelines
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: Failure of a further 451 US "Savings and Loans" mortgage lenders.
1992 Deadline for implementation of Basel I.
1994 CMO crisis [9].
1997-8 Asian banking crisis [10].
2000-2006
US housing boom Average price rises 80% [11] .
The year 2007 (summary)
US house prices fall throughout 2007 (fall 8% below 2006 peak) [12].
US Subprime mortgage crisis [13].
Large bank writedowns and losses at Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Citigroup and HSBC.
2007
August
American Home Mortgage bankrupt [14].
Collapse of interbank markets
September
UK Northern Rock bank run [15]
November
10 per cent of subprime mortgages are "seriously delinquent" [16].
2008
January
Basel II banking regulation recommendations take effect [17]
US mortgage lender Countrywide sold to Bank of America after its share price drops by 48% [18].
February
British government nationalises Northern Rock bank [19].
June
US house prices 20% below 2006 peak [20].
July
US Housing and Economic Recovery Act [21].
August
US Government's Fannie Mae and Freddie Mac rescue [22].
September
7 Fannie Mae and Freddie Mac nationalised [23].
12 Lehman Brothers seek bankruptcy protection [24]
15 US Federal Reserve Bank rescues Bear Stearns bank [25].
17 US government nationalises American Insurance Group [26].
- Russian stockmarket meltdown [27]
- UK's Halifax/Bank of Scotland (HBOS) accepts rescue bid from Lloyds TSB [28].
18 TARP proposed (US Treasury scheme to take "toxic assets" out of the US banking system) [29]
- UK temporary ban on short selling [30].
23 US Federal Reserve Bank protects Goldman Sachs and Morgan Stanley banks[31].
- FBI to investigate possibility of fraud at Fannie Mae, Freddie Mac, Lehman Bros and AIG [32].
25 The President's warning: "major sectors of America’s financial system are at risk of shutting down” leading to "long and painful recession" [33].
26 Washington Mutual closed by regulator. Assets sold to JPMorgan Chase [34].
- Central Banks offer extra loans to banks. Coordinated action by US, UK, European and Swiss central banks [35].
28 Congressional leaders agree TARP terms [36].
- UK bank Bradford and Bingley nationalised [37].