credit crisis?

mrsmileyplease give a serious account? Thanks I really appreciate it.

Sorry for the long post, I though I'd make it as 'indepth' as possible. You could google the below events for more information, otherwise if I were to post everything it would be longer than a dictionary;

HSBC shock announcement begins the pre-panic phase 2007 02 08 HSBC to Boost Loan-Loss Provisions on Bad Mortgages 2007 02 08 Subprime Mortgage Bond Risks Surge, Index Suggests 2007 02 22 HSBC announces departure of two top executives at U.S. business 2007 03 04 U.S. triggers $11bn HSBC fall-out 2007 03 05 New Century Leads Drop in Shares of Mortgage Lenders 2007 03 12 DR Horton warns of huge losses 2007 03 12 New Century shares are suspended 2007 03 21 `Short Sellers’ Who Predicted Subprime Rout See More Declines 2007 04 02 New Century Financial in chapter 11 move 2007 04 05 NovaStar Cuts Off Credit Lines for Mortgage Bankers 2007 05 30 Kensington agrees to £283m buyout

Prelude to panic starts with Bear Stearns hedge fund losses 2007 06 23 $3.2 Billion Move By Bear Stearns To Rescue Fund 2007 07 30 IKB Cuts Profit Forecast Amid Rout in U.S. Mortgages 2007 07 31 American Home Can’t Fund Mortgages, Shares Plummet 2007 08 02 Accredited May Face Bankruptcy, Merger in Doubt 2007 08 06 American Home files for bankruptcy 2007 08 08 Fund of German Bank WestLB Stops Payouts, Citing Mortgage Market Unease

Panic of 2007 2007 08 09 BNP Paribas Freezes Funds as Loan Losses Roil Markets 2007 08 14 Goldman and Investors to Put $3 Billion Into Fund 2007 08 15 Countrywide Financial ‘risks bankruptcy’ 2007 08 17 Fed Cuts Discount Rate to 5.75% to Ease Credit Crunch 2007 08 21 SachsenLB Has EU3 Billion in Subprime, Person Says 2007 08 22 H&R Block Taps Credit Line, Cites `Unstable’ Markets 2007 08 22 Lehman, Accredited, HSBC Shut Offices; Crisis Spreads 2007 08 23 Fed lends $2 billion to banks to ease credit woes 2007 08 29 Basis Yield Files Bankruptcy Over Subprime Defaults 2007 09 06 ECB injects 250 Billion euros into markets 2007 09 14 Northern Rock Gets Emergency Bank of England Funding 2007 09 17 Government guarantees Northern Rock deposits 2007 09 17 NovaStar Can’t Pay Dividend, Forfeits REIT Status 2007 09 18 Stocks Surge on Big Fed Rate Cut

Losses show in earnest after Q3 2007 10 05 Merrill in $5.5bn sub-prime loss 2007 10 24 Merrill Lynch Reports Loss on $8.4 Billion Writedown 2007 10 31 Fed Lowers Rate by a Quarter Point to 4.5 Percent 2007 11 08 Morgan Stanley takes $3.7bn hit 2007 11 27 Citigroup to Sell $7.5 Billion Stake to Abu Dhabi 2007 12 06 Black Humor Pervades Norway as Subprime Losses Extend to Arctic 2007 12 10 UBS posts fresh $10bn writedown 2007 12 10 MBIA Gets $1 Billion From Warburg Pincus, Sees Losses 2007 12 10 Bank of America to Liquidate $12 Billion Cash Fund 2007 12 11 U.S. rates reduced for third time 2007 12 12 Florida Fund Reduced By $1.9 Billion After SIV Losses 2007 12 13 World central banks agree to inject at least $100bn into inter-bank markets 2007 12 14 Citigroup Rescues SIVs With $58 Billion Debt Bailout 2007 12 17 $20bn from Fed to ease credit woe 2007 12 18 The ECB lends over $500 billion for Christmas 2007 12 19 Ambac, MBIA Outlook Lowered by S&P, ACA Cut to CCC 2007 12 24 Merrill Lynch to Get $6.2 Billion From Temasek, Davis

Losses after Q4 rising 2008 01 15 Citi Writes Down $18 Billion; Merrill Gets Infusion 2008 01 22 As markets implode, Fed panics and cuts 75bps 2008 01 28 Scandal stings not just bank, but French pride, too 2008 01 30 The Federal Reserve cuts again, 50 basis points 2008 02 14 UBS confirms sub-prime $18.4 billion loss 2008 03 03 HSBC in $17bn credit crisis loss 2008 03 06 Peloton Capital hedge fund collapses 2008 03 07 Ambac Gets $1.5 Billion in Capital to Keep AAA Grade 2008 03 11 Carlyle Fund Tries to Halt Liquidation

Bear Stearns collapses 2008 03 11 Central Banks inject $200 billion of liquidity into markets 2008 03 14 JPMorgan and Fed Move to Bail Out Bear Stearns 2008 03 25 Seeking Fast Deal, JPMorgan Quintuples Bear Stearns Bid 2008 03 31 U.S. Treasury Backs Regulatory Overhaul, Broader Fed Role

Losses still rising in 1st Quarter 2008 2008 04 01 UBS writes down another $19 billion 2008 04 01 Deutsche Bank to write down $4B 2008 04 04 MBIA Loses AAA Insurer Rating From Fitch Over Capital 2008 04 08 Washington Mutual Raising $7 Billion 2008 04 14 Wachovia’s Loss a Grim Sign for Banks 2008 04 18 Citigroup Reports Loss on $15 Billion of Credit Costs 2008 04 21 Funds to invest up to $8bn in National City bank 2008 04 22 Merrill Raises $9.55 Billion in Sales of Debt, Preferred Shares 2008 04 22 RBS aims to raise $24B in new capital 2008 04 29 Citigroup Sells $3 Billion of Stock to Boost Capital 2008 04 29 HBOS Plans to Raise 4 Billion Pounds in Share Sale 2008 04 30 Citigroup Increases Stock Offering to $4.5 Billion 2008 05 06 Fannie Mae to raise $6bn new capital 2008 05 07 Town of Vallejo, California goes bankrupt 2008 05 09 Citigroup to wind down $400bn of assets 2008 05 19 Banks Keep $35 Billion Markdown Off Income Statements

Renewed Concerns over losses as Q2 progresses 2008 05 26 UBS Falls After Saying More Mortgage Losses Possible 2008 06 02 Morgan Stanley, Merrill, Lehman Ratings Cut by S&P 2008 06 02 Bradford & Bingley shares plunge as lender warns on profits 2008 06 05 MBIA, Ambac, $1 Trillion of Debt, Lose S&P AAA Rating

Second leg in write-off: more loans, fewer derivative securities 2008 06 09 Lehman Brothers to post $3 bln loss; sets $6 bln stock sale 2008 06 09 Lehman to post $2.8 billion quarterly loss 2008 06 09 Lehman Cuts $130 Billion of Assets to End Bear Stigma 2008 06 12 KeyCorp to raise $1.5 billion, cut dividend 50% 2008 06 18 Fifth Third Falls on Plan to Raise $2 Billion, Cut Dividend 2008 06 25 Countrywide Sued by California Over Mortgage Loans 2008 06 25 Countrywide Financial Faces Illinois Suit Over Mortgage Loans 2008 06 30 Florida Sues Countrywide 2008 07 07 Freddie Mac, Fannie Mae Plunge on Capital Concerns 2008 07 10 U.S. Mulls Future of Fannie, Freddie

Prelude to 2nd panic begins with IndyMac failure 2008 07 11 IndyMac Seized by U.S. Regulators Amid Cash Crunch 2008 07 18 Barclays and HBOS cash calls shunned 2007 07 25 National Australia Bank tumbles on new $830m provision 2008 07 28 Merrill Has $5.7 Billion of Writedowns, Sells Shares 2008 08 08 Auction-Rate Buybacks: The Bottom Line 2008 08 20 Fannie Mae and Freddie Mac shares fall on fears of size of potential losses 2008 08 20 Lehman’s secret talks to sell 50% stake stall

Panic of 2008 2008 09 07 Paulson Engineers U.S. Takeover of Fannie, Freddie 2008 09 15 Lehman Files Biggest Bankruptcy After Suitors Balk 2008 09 15 Lehman Bankruptcy Summons Drexel Ghost 18 Years Later 2008 09 15 Bank of America to Acquire Merrill as Crisis Deepens 2008 09 15 Fed Widens Collateral, Banks Set Up $70 Billion Fund 2008 09 16 Fed to lend $85 billion to AIG, take 80 percent stake 2008 09 18 Lloyds TSB seals £12.2bn HBOS deal 2008 09 25 WaMu Seized by U.S., Assets Sold to JPMorgan in Record Failure

Government intervention to end panic 2008 09 29 B&B nationalisation is confirmed 2008 09 29 Iceland nationalises Glitnir bank 2008 10 03 Dutch part of Fortis is nationalised 2008 10 06 Hypo Real Gets EU50 Billion Government-Led Bailout 2008 10 07 UK makes massive rescue plan for banks 2008 10 08 Fed Will Lend Directly to Corporations 2008 10 12 Australia to guarantee bank deposits for three years: PM 2008 10 13 RBS, HBOS and Lloyds to get $64 billion from U.K. 2008 10 13 Fed Says ECB, Others to Offer Unlimited Dollar Funds 2008 10 13 EU Nations Commit 1.3 Trillion Euros to Bank Bailouts 2008 10 13 Germany Pledges EU500 Billion in Bank Rescue Plan 2008 10 15 European central banks pump $250bn liquidity 2008 10 15 EU backs emergency accounting changes 2008 10 16 ECB Widens Collateral Rules, Slashes Required Ratings 2008 10 16 ECB gives Hungary €5bn credit line 2008 10 16 Swiss banks raise emergency funds to fight crisis 2008 10 22 Wachovia reports 23.9 billion loss

Q4 after the panic 2008 11 10 Wells Sells $11 Billion in Stock for Wachovia Deal 2008 11 13 Ranieri’s Franklin Bank files Chapter 7 bankruptcy 2008 11 19 Citigroup to Buy $17.4 Billion in SIV Assets 2008 11 20 GMAC Latest to Seek Bank Status, Access to Treasury Funds 2008 11 24 Citigroup Gets U.S. Rescue From Losses, Cash Infusion 2008 11 25 Downey Financial files for Chapter 7 bankruptcy 2008 11 26 Iceland’s Glitnir seeks protection from U.S. creditors 2008 12 15 AIG sells $39.3 billion in assets to NY Fed’s fund 2008 12 18 Citigroup’s Debt Lowered Two Grades to A2 by Moody’s 2008 12 20 Latvia Secures 7.5 Billion Euros in IMF, EU Loans 2008 12 23 American Express Will Get $3.39 Billion in TARP Funds 2008 12 30 IndyMac Is Set to Be Sold to Private Investors