Chronology of the financial crisis from 2007
The overview shows an incomplete chronology of the financial crisis from 2007 onwards . The events are divided into half-years for better clarity.
Financial crisis
First half of 2007
- March 2007: A significant increase in defaulting real estate loans in the US is publicly noticed for the first time
- April 3, 2007: New Century Financial Corp., the largest sub-prime mortgage company in the United States, files for bankruptcy
Second half of 2007
- July 27, 2007: The Düsseldorf-based IKB Deutsche Industriebank becomes the first German victim of the crisis due to its speculation with US real estate loans and is taken over by the state-owned KfW
- August 9, 2007: Interest rates on interbank financial loans skyrocket
- August 11, 2007: The European Central Bank (ECB) provides € 150 billion to alleviate the consequences of the mortgage crisis in the USA
- November 2007: US investment bank Merrill Lynch writes off $ 8.4 billion
- December 31, 2007: The US investment bank Bear Stearns suffers its first loss in the company's history in the fourth quarter of 2007
First half of 2008
- January 15, 2008: Hypo Real Estate writes off € 390 million on American CDOs
- January 21, 2008: Black Monday, the German share index loses 7%, which corresponds to approx. € 50 billion market value
- January 22, 2008: The US Federal Reserve (Fed) cuts the key rate from 4.25% to 3.50%
- January 22, 2008: The Tokyo and Bombay stock exchanges plunge 6% and 8% respectively
- January 24, 2008: The major French bank Société Générale admits a speculative loss of € 4.9 billion
- January 30, 2008: The Fed cuts the key rate from 3.50% to 3.00%
- February 4, 2008: The US reports a record deficit of $ 400 billion
- March 14, 2008: Bear Stearns admits a "significant deterioration in liquidity in the past 24 hours," causing the stock to tumble 47%
- March 16, 2008: JPMorgan Chase submits a takeover bid for Bear Stearns, this is for $ 2.00 (later $ 10,000) per share, the previous Friday the stock was valued at $ 30.85, the Fed assumes the bank's losses of $ 29 billion
- March 18, 2008: The Fed cuts the key rate from 3.00% to 2.25%
- May 30, 2008: JPMorgan Chase acquires Bear Stearns
- June 2008: The US mortgage bank IndyMac runs a bank run in the course of which 1.55 billion US dollars are withdrawn within a short period of time
- June 30, 2008: The share price of the US investment bank Lehman Brothers fell in the first half of the year by 73%, in the second quarter of 2008 a total of 2.8 billion US dollars were reported
Second half of 2008
- July 1, 2008: The US mortgage bank Countrywide Financial is sold to the US bank Bank of America , Countrywide was in massive distress due to the real estate crisis
- July 8, 2008: The shares of the US mortgage lender IndyMac hit a low of 0.44 US dollars per share, at the high in 2006 the share was still valued at 50 US dollars
- July 9, 2008: Standard & Poor's downgrades the IndyMac to "CCC"
- July 11, 2008: IndyMac placed under administration by the Federal Deposit Insurance Corporation , the US deposit insurance fund, to protect savings of up to $ 100,000 per capita
- July 30, 2008: The US government passes bill allowing it to add $ 800 billion to its national debt to prop up Fannie Mae and Freddie Mac
- July 31, 2008: IndyMac files for bankruptcy, one of America's largest bank failures, losing $ 32 billion
- July 31, 2008: Merrill Lynch reports a loss of $ 4.9 billion in the last quarter, compared to a total of $ 19.7 billion since 2007
- September 7, 2008: The US regulator, the Federal Housing Finance Agency (FHFA), takes control of two badly ailing US mortgage financiers, Fannie Mae and Freddie Mac
- September 9, 2008: Lehman Brothers shares plummeted 45% in one day
- September 10, 2008: Lehman Brothers reports a loss of $ 3.9 billion
- September 13, 2008: The head of the Fed, Timothy Geithner, invites important bank chiefs from the USA to a crisis summit on Lehman Brothers
- September 14, 2008: The major British bank Barclays Capitals announced its interest in the takeover of Lehman Brothers, but this was withdrawn as the Bank of England expects too high a risk for the British banking sector
- September 14, 2008: Bank of America announces that it will take over Merrill Lynch, which has run into liquidity problems, for € 38.25 billion
- September 15, 2008: Lehman Brothers files Chapter 11 bankruptcy and Lehman Brothers bankruptcy estate totaled $ 613 billion
- September 16, 2008: The American insurance company American International Group (AIG) receives a bridging loan of 85 billion US-D. and is then nationalized
- September 19, 2008: The United States Securities and Exchange Commission temporarily prohibits short selling of financial securities
- December 31, 2008: Fannie Mae suffered a loss of $ 58.7 billion in fiscal 2008
- December 31, 2008: Fannie Mae and Freddie Mac received € 187 billion in rescue loans in 2008
First half of 2009
- January 1, 2009: Bank of America takes over Merril Lynch
Individual evidence
- ↑ Ten Years of the Financial Crisis - A Bankruptcy That Changed the World . In: General-Anzeiger Bonn . July 29, 2017 ( general-anzeiger-bonn.de [accessed July 29, 2017]).
- ↑ BBC NEWS | Business | Wall St hit by home payment fears. Retrieved July 29, 2017 .
- ^ New Century files for Chapter 11 bankruptcy - Apr. 2, 2007. Retrieved July 29, 2017 .
- ↑ Ten Years of the Financial Crisis - A Bankruptcy That Changed the World . In: General-Anzeiger Bonn . July 29, 2017 ( general-anzeiger-bonn.de [accessed July 29, 2017]).