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First Lending and Mortgage Company is made
The Federal Housing Administration is created this lets people take out money to buy their homes.Only to pay the money back later. (Owned by the Government) -
The FHA seperates from the Government
Once the Government owend business has now converted to a government sponsored one. That buys and sells mortgages to make a profit. -
United States Housing Bubble starts to apper
Houses start going up in value. Lending criteria for mortgages are almost non-existant and lending rates get higher. -
United States Housing Bubble "Bursts"
With the cutting of Sub-Prime loans people start being unable to buy and pay off mortgages people were losing their houses at the end of the year 846,982 homes were in some stage of foreclosure. -
Huge Market Crash
A large investment bank Bear Sterns is crashing and this is threatning the world economy because this is one of the largest firms in the world. -
President Obama signs the Americain Recovery and Reinvestment act.
President created and outlined a way to maximize the creation of jobs to help recover the Americain economy which in-turn helped other countries get their economys in check as well. -
Today
While the markets and economys have recovered from the crisis they have still not peaked their 2007 market high.