2008 Financial Crisis By Fhy40 Feb 27, 2007 Sub-Prime Mortages Banks that invested in Sub-Prime mortages are now left with worthless assets Period: Feb 27, 2007 to Dec 30, 2008 2008 Financial Crisis Aug 16, 2007 Countrywide Financial Countrywide Financial credit rating is downgraded Jan 11, 2008 Bank of America buys Countrywide Bank of America buys Coutrywide for $4 Billion Mar 16, 2008 Bear Sterns is Sold to JPMorgan Sep 7, 2008 Fannie Mae and Freddie Mac are taken over by the government Sep 15, 2008 Merril Lynch is bought by Bank of America Sep 15, 2008 Lehman Brothers go Bankrupt Sep 16, 2008 AIG is bailed out Sep 29, 2008 Congress rejects TARP Oct 3, 2008 Congress Approves a revised version of TARP Oct 3, 2008 Banks are not regulated on how they use TARP