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Housing crisis deepens. Banks and hedge funds that invested big in subprime mortgages are left with worthless assets as foreclosures rise.
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The U.S. economy is in recession. The crisis in subprime mortgages infects the credit markets.
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Mortgage giants Fannie Mae and Freddie Mac are taken over by the government.
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-Bank of America agrees to purchase Merrill Lynch for $50 billion
-Lehman Brothers files for bankruptcy-court protection.
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