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Subprime crisis impact timeline - Wikipedia. The subprime mortgage crisis impact timeline lists dates relevant to the creation of a United States housing bubble and the 2. It includes United States enactment of government laws and regulations, as well as public and private actions which affected the housing industry and related banking and investment activity. It also notes details of important incidents in the United States, such as bankruptcies and takeovers, and information and statistics about relevant trends. For more information on reverberations of this crisis throughout the global financial system see Financial crisis of 2. This section may lend undue weight to certain ideas, incidents, or controversies. Please help to create a more balanced presentation.

· I am known for my strong views on mobile technology, online media, and the effect this has on and communication will have on the public conscious and. Michael Schmidt, New York Times reporter whose work was central to today's Senate Intelligence Committee hearing, talks with Rachel Maddow about how Donald Trump's. Subprime crisis impact timeline; 2000s energy crisis; United States housing bubble; United States housing market correction; Financial crisis of 2007–08.

Discuss and resolve this issue before removing this message.(August 2. The Federal National Mortgage Association, or Fannie Mae, is established as part of Franklin D.

Roosevelt's New Deal, to purchase mortgages guaranteed by the Veterans Administration and the Federal Housing Administration. This took the loans off the books of mortgage lenders, freeing up capital so that they could make more loans.[1]late 1. Fannie Mae is permitted to purchase 'conventional' mortgages (not just VA/FHA).[2]late 1. Angelo Mozilo & Loeb found Countrywide Financial, and pioneer the nationwide non- bank mortgage lending business; in the beginning, Mozilo is extremely concerned with credit quality.[3]1. Fannie Mae spins off Ginnie Mae as a separate entity.

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Ginnie will continue to have an explicit, written government guarantee for all its mortgage loans.[4] Fannie Mae, however, is converted into a stand- alone corporation, a government- sponsored enterprise (GSE). Federal Home Loan Mortgage Corporation (Freddie Mac) is created by an act of Congress as a government- sponsored enterprise to buy mortgages from the Thrift/savings and loan industry; it is owned by the industry itself (until 1. The GSEs (Fannie and Freddie) have an 'implicit guarantee' from the government; that if they get into trouble, the government will bail them out.

There is no written law or contract stating the government will do this; it is simply assumed by the industry, government officials, and investors. This implicit, unstated guarantee is what allows the debt of Fannie and Freddie to be moved off of the balance sheet of the government. This makes the national debt falsely appear to be lower than it really is, and artificially makes the budget look more balanced. This arrangement will not be tested until 2. Ginnie Mae creates the first mortgage- backed security, based on FHA and VA mortgages. It guarantees them.[7]1. Freddie issues its first Mortgage Participation Certificate security.

This is the first mortgage- backed security made of ordinary mortgages.[8]1. Private companies begin mortgage asset securitization with the creation of private mortgage pools in the 1. Equal Credit Opportunity Act imposes heavy sanctions for financial institutions found guilty of discrimination on the basis of race, color, religion, national origin, sex, marital status, or age[1. Community Reinvestment Act is enacted to address historical discrimination in lending, such as 'redlining'. The Act encourages commercial banks and savings associations to meet the needs of borrowers in all segments of their communities, including low- and moderate- income neighborhoods.[1. Salomon Brothers attempts creation of a "private label" mortgage backed security (one that doesn't involve GSE mortgages).

It fails in the marketplace.[1. Late 1. 97. 0s: Lewis Ranieri (Salomon) and Larry Fink (First Boston) invent securitization; mortgages are pooled and the pool is sliced into tranches, which are then sold to investors.[1.

The Depository Institutions Deregulation and Monetary Control Act (DIDMCA) of 1. The law also exempts federally chartered savings banks, installment plan sellers and chartered loan companies from state usury (unlimited high interest rates) limits.[1. The law also allowed home equity loans to be treated just like mortgages.[1.

Each of the 1. 2 Federal Reserve banks establishes a Community Affairs Office to offer public and private guidance in accordance with the Community Reinvestment Act.[1. Salomon Brothers transitions from a private partnership to a public corporation, the first of the Wall St. This shifts the risk of financial loss from the partners to shareholders, arguably increasing the appetite for risk.[2. David Maxwell becomes CEO of Fannie; he greatly increases the use of mortgage securities, forming an uneasy alliance with Ranieri and Fink[5]1. Reagan's Commission on Housing recommends the GSEs be separated from the government. Alternative Mortgage Transaction Parity Act of 1. AMTPA) preempts state laws allows lenders to originate mortgages with features such as adjustable- rate mortgages, balloon payments, and negative amortization and "allows lenders to make loans with terms that may obscure the total cost of a loan".[2.

The first collateralized mortgage obligation (CMO) is created by Larry Fink's team at First Boston. It is made from Freddie Mac mortgages.[2. The Secondary Market Enhancement Act (SMMEA), partly formed by Ranieri's closeness with Reagan's staff, attempts to level the playing field on the mortgage securities market so that private mortgage- securities companies (like Salomon Brothers) will be able to be able to compete with the GSEs. The act also is the foundation of the credit ratings agencies importance in the market; the law limits pension funds & others so that they are only allowed to buy mortgage bonds that are rated highly by a NRSRO[2. Tax Reform Act of 1.

TRA) ended prohibited taxpayers from deducting interest on consumer loans, such as credit cards and auto loans, while allowing them to deduct interest paid on mortgage loans, providing an incentive for homeowners to take out home equity loans to pay off consumer debt.[2. Household debt would grow from $7.

The Real Estate Mortgage Investment Conduit (REMIC) law is passed, as part of an uneasy alliance between Ranieri (of Salomon) and Maxwell (of Fannie). It prevents double- taxation of mortgage securities; the 'secondary market' for mortgages booms.[2. The mezzanine. CDO was invented at Drexel Burnham Lambert[2. Maxwell of Fannie, fights bitterly with Wall Street and Congress about allowing GSEs to do REMICs.

Lobbying and threats fly back and forth.[2. The effects of Tax Reform Act of 1. Regulation Q which had capped interest rates banks were allowed to pay, imprudent lending during the late 1. Savings and Loans.[2.

This de facto insolvency led to the Savings and Loan Crisis and the failure and/or closure of half of all federally insured savings and loans. The number declined from 3,2.

Late 1. 98. 0s: Several groups lose big money on tranched mortgage securities, including Merrill Lynch. The market shrinks.[3. Guardian Savings and Loan issues the first 'subprime'- backed mortgage security. Long Beach Mortgage begins to move towards the subprime securitization market.

Its employees will later go on to lead many other subprime companies.[3. Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) established the Resolution Trust Corporation (RTC), which closed hundreds of insolvent savings and loans holding $5. The law also moved regulatory authority to the Office of Thrift Supervision (OTS). The U. S. government ultimately appropriated $1.

S& L crisis. After banks repaid loans through various procedures, there was a net loss to taxpayers of $4. The RTC decides to sell the massive amount of bad real estate debt it holds to investors. In order to do this, it decides to use the tools of securitization and structured finance, such as overcollateralization, bond insurance, and subordination. This results in transforming the bad debt into various new products that had high enough ratings to attract investors.[3. The first subprime bubble.

Founding of subprime lenders New Century, Option One, First. The Taking Online Putlocker on this page. Watch Maya The Bee Movie Online Hitfix here.