The Financial Crisis/ Great Recession By natewatkins Period: Jan 1, 2007 to Feb 26, 2007 Housing Crisis becomes terrible Feb 27, 2007 Freddie Mac says it will not buy subprime mortgages anymore Apr 2, 2007 Biggest Subprime Mortgage Lender New Century Finanical Files for Bankruptcy Aug 16, 2007 Mortgage Lender Countrywide Fianancial gets credit rating cut Period: Jan 1, 2008 to Dec 31, 2008 US Economy in Major Recession Jan 11, 2008 Bank of America Buys failing Countrywide Fiancial for $4 billion Mar 16, 2008 US Government saves Bear Sterns with $30 Billion Sep 7, 2008 Government takes over Freddie Mac and Fannie Mae Sep 15, 2008 Bank of America purchases Merrill Lynch for $50 billion Sep 15, 2008 Lehman Brothers Files for Bankruptcy Sep 16, 2008 US Government Bails out AIG with $85 billion package Oct 3, 2008 Congress passes the Troubled Asset Relief Program (TARP) to save the economy
