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...
History & Timelines Index
 
Timelines of Events
Next Event Timeline

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
History Timelines of Events provide fast facts and information about famous events in history, such as those detailed in the Credit Crunch Timeline, precipitated a significant change in Global history. This major historical event is arranged in the Credit Crunch timeline by chronological, or date order, providing an actual sequence of this past event which was of significance to history. Many historical events, such as detailed in the Credit Crunch timeline, occurred during times of crisis or evolution or change. Many of the famous Global events as detailed in the Credit Crunch timeline describe famous, critical and major incidents. The specific period in history detailed in the Credit Crunch timeline led to great changes in the development of Global Civilisation. The Credit Crunch timeline provides fast information via timelines which highlight the key dates and major historical significance in a fast information format. Specific information can be seen at a glance with concise and accurate details of this historical event of Global significance. The History timelines of famous events include timelines and chronologies of many important events of significant occurrence and outcome including the Credit Crunch timeline.

Credit Crunch Timeline

  • Interesting Information via the Credit Crunch Timeline - History and Chronology at a glance, for children and kids
  • Chronology of Key Names, Key Dates, Key People and Key Events in the Credit Crunch Timeline
  • Useful database of history and this Credit Crunch timeline containing interesting chronology of facts & information
  • Chronologies of key dates, facts and info
  • Fast and accurate details via history timelines and chronologies
  • Famous people, famous places and countries and famous events via comprehensive Credit Crunch Timeline
  • History Timelines & Chronologies
 

Credit Crunch Timeline for Students, Children & Kids

Timeline for children and kids - Credit Crunch Timeline - Chronology - Time Line - Free - Chronology - Facts - Interesting - Info - Chronology - Information - Timeline for children and kids - Details - Time Line of Credit Crunch - Time Line of Places - Time Line of Events - Important - Accurate - Interesting Facts - Download - Printable Time line - Time Line - Record - Related Events - Chronology - Database - Key Dates - Key Dates - Credit Crunch Timeline - Time Line - Key Events - Key Places - Historical Importance - Interesting Time Lines - Chronology - Timescale - Chronology - Chronologies - Chronicle - Chronology - Chronicles - Chronological record - Record - Era - Time Lines - Account - Historic period - Past - Time Lines - Past Times - Annals - Background - Ancient  - Medieval - Historical Record - Historic Life - Chronolgy - Credit Crunch Timeline - Written By Linda Alchin
Timeline of Credit Crunch Timeline of Credit Crunch