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Sub-Prime Mortages
Banks that invested in Sub-Prime mortages are now left with worthless assets -
Period: to
2008 Financial Crisis
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Countrywide Financial
Countrywide Financial credit rating is downgraded -
Bank of America buys Countrywide
Bank of America buys Coutrywide for $4 Billion -
Bear Sterns is Sold to JPMorgan
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Fannie Mae and Freddie Mac are taken over by the government
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Merril Lynch is bought by Bank of America
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Lehman Brothers go Bankrupt
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AIG is bailed out
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Congress rejects TARP
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Congress Approves a revised version of TARP
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Banks are not regulated on how they use TARP