Economic RecessionTimeline

(2007-?)

Stephanie Beyda, Jordan Gaffin & Michael Friedman

February 2007

• The recession began when Federal Home Loan Mortgage Corporation announces that it will no longer buy sub prime mortgages

April 2007

• New Century Financial

Corporation, a major sub prime mortgage lender,

filed for bankruptcy protection.

June 2007

• Standard and Poor’s Investor

Services downgrade over

100 bonds

July 2007

• Countrywide Financial

Corporation warns of “difficult conditions.”

• Bear Stearns clears two funds that invested in various types of

mortgage-backed securities.

August 2007

• American Home Mortgage

Investment Corporation files for bankruptcy

October 2007

• U.S. Treasury announces the HOPE

NOW initiative, an alliance of investors, servicers, mortgage market participants,

and credit and homeowners’

counselors encouraged by the Treasury

Department and the Department of Housing

and Urban Development.

February 2008

• President Bush signs the Economic

Stimulus Act of 2008 into law.

May 2008

• President George W. Bush offered $770 million for food crisis

June 2008

• President George W. Bush called on Congress to end a 27-year ban on drilling for oil in coastal waters, to reduce dependence on imports. Which was a great attempt to stabilize the economy

July 2008

• The House of Representatives passed a massive housing rescue bill that could help struggling homeowners get cheaper loans, which was later approved by the Senate

September 2008

• The US is set to take 'unprecedented measures' to tackle the crisis gripping US financial markets

• Talk about bailouts begin

October 2008

• The house backs a $700 billion bailout plan.  The package is to buy the bad debts of failing financial institutions on Wall Street.

November 2008

• Obama is elected president and promises to fix the economy, as soon as possible

December 2008

• US Senate unveils a auto bail out plan

• Bank of America cuts 30,000 jobs

• Unemployment rates soar

January 2009

• President-elect Barack Obama's economic adviser tells Congress that the need for the remaining $350 billion bailout is immenent

• The house approves stimulus package

February 2009

March 2009

April 2009

May 2009

June 2009

THE END