Credit Crunch Timeline

Credit Crunch Timeline

Credit Crunch Timeline
This Modern History Timeline has been developed to provide a 'snapshot' of events
Financial crisis in the mortgage and loan markets in the United States
Europe sees effect of the credit crunch
Global stock markets report huge falls
A full 2007 / 2008 Credit Crunch Timeline...
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The Credit Crunch is a financial crisis which was initially due to a loss of confidence by investors in the mortgage and loan markets in the United States. However due to the close interaction of banking institutions across the world the "credit crunch" resulted in a global liquidity crisis. The credit crunch can be defined as the sudden reduction in the easy availability of credit or loans from banks or mortgage lenders resulting in far more stringent checks becoming conditional before bank loans will be approved.

    Year Month 2007 / 2008 Credit Crunch Timeline of Events  
    2007 July Credit Crunch begins with the subprime mortgage crisis in the United States  
    2007 August US Credit Crunch  goes Global due to the interaction of world banks and Hedge Funds who also have subprime mortgage backed securities

Aug 9: Debt, due to defaults by subprime mortgage payers, results in the European Central Bank injects 95 billion euros into the European banking market.

Aug 10: The United States Federal Reserve (Fed) injects 43 billion US Dollars

US Housing problem kicks in
    2007 September US Interest rates lowered

British Government take over Northern Rock a major UK bank

Internet bank NetBank goes bankrupt
    2007 December ECB lends European commercial banks $500bn over the Christmas period to help ease the credit crisis  
    Year Month 2008 Credit Crunch Timeline of Events  
    2008 January Down turn in stock markets  
    2008 February House prices continue to fall and jobs are cut

Houses continue to be repossessed

Leaders from the G7 group project worldwide losses from the US mortgage crisis could reach $400bn
    2008 March March 16: Bear Stearns acquired by JPMorgan Chase  avoiding bankruptcy

A £1bn hedge fund run by Peloton Partners collapses
    2008 April Germany's Deutsche Bank warns of credit losses  
    2008 May Figures show that Retail and construction firms are hardest hit by the Credit Crunch  
    2008 July July 11: Indymac Bank is placed into the receivership

Banks report unprecedented losses
    2008 August Washington Mutual, Morgan Stanley and Goldman Sachs come under pressure  
    2008 September September 7: Federal takeover of Fannie Mae and Freddie Mac

September 14: Merrill Lynch sold to Bank of America

Lehman Brothers go bankrupt

September 19: Bailout of the U.S. financial system by the Emergency Economic Stabilization Act of 2008 proposed by US Treasury Secretary Henry Paulson

September 23: Announced that the FBI investigating the possibility of fraud in 26 finance companies including Fannie Mae, Freddie Mac, Lehman Brothers and AIG
    2008 October Europe sees effect of the credit crunch resulting in falling house prices, job losses and bankruptcies

The three major banks of Iceland are nationalized

Other European Bankspartially nationalized

Stock Markets fall

Global cuts in interest rates

In the UK Lloyds TSB allowed to start takeover plans of HBOS to avoid another Northern Rock style collapse with promise of support from British government

In UK the guarantee of bank deposits are raised from £35,000 to £50,000

G7 meet but fail to reach agreement
    2008 November The US government agrees to rescue Citigroup  
    2008 December 1 December: The US recession is officially declared by the National Bureau of Economic Research

29 December: The US Treasury unveils a $6bn bail-out for GMAC (General Motors car loans)

Global stock markets report the biggest annual falls for 24 years
    Year Month 2007 / 2008 Credit Crunch Timeline of Events  
Credit Crunch Timeline

Credit Crunch Timeline
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Credit Crunch Timeline

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