-
Period: to
Housing Crisis becomes terrible
-
Freddie Mac says it will not buy subprime mortgages anymore
-
Biggest Subprime Mortgage Lender New Century Finanical Files for Bankruptcy
-
Mortgage Lender Countrywide Fianancial gets credit rating cut
-
Period: to
US Economy in Major Recession
-
Bank of America Buys failing Countrywide Fiancial for $4 billion
-
US Government saves Bear Sterns with $30 Billion
-
Government takes over Freddie Mac and Fannie Mae
-
Bank of America purchases Merrill Lynch for $50 billion
-
Lehman Brothers Files for Bankruptcy
-
US Government Bails out AIG with $85 billion package
-
Congress passes the Troubled Asset Relief Program (TARP) to save the economy
