Tue, October 14, 2008
Feb. 7, 2007 - HSBC announces it will see larger than anticipated losses from rising defaults of subprime mortgages in the United States, the first major bank to make an announcement about rising losses in the sector.
April 2, 2007 - New Century Financial, one of American largest subprime mortgage lenders, files for bankruptcy court protections.
June 2007 - Two hedge funds run by Bear Stearns run into large losses and are forced to dump assets.
March 16, 2008 - JPMorgan Chase & Co. acquires troubled Bear Stearns.
Sept. 6, 2008 - U.S. Treasury Secretary Henry Paulson announces a takeover of Fannie Mae and Freddie Mac, putting the government in charge of the two mortgage giants.
Sept. 15, 2008 - Bank of America agrees to acquire Merrill Lynch for up to $50 billion.
Sept. 15, 2008 - Lehman Brothers files for bankruptcy court protection.
Sept. 17 - The U.S. Federal Reserve Bank will lend an 85 billion-U.S. dollar-bridge-loan to American International Group Inc. (AIG) to save the country's biggest insurer from bankruptcy.
Sept. 25 - JPMorgan Chase on Thursday night acquired the banking operations of Washington Mutual Bank.
