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Housing Downturn
Housing crisis deepens. Banks and hedge funds that invested big in subprime mortgages are left with worthless assets as foreclosures rise. -
Recession
The U.S. economy is in recession. The crisis in subprime mortgages infects the credit markets. -
Buy-outs
Mortgage giants Fannie Mae and Freddie Mac are taken over by the government. -
Buy-outs Con't
-Bank of America agrees to purchase Merrill Lynch for $50 billion
-Lehman Brothers files for bankruptcy-court protection.