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• summarize: Date: 2008-09-07, Update: The government seizes control of mortgage giants Fannie Mae and Freddie Mac, promising to inject up to $100 billion into each if they fail. In recent months, the two companies funded more than two-thirds of all home loans in the United States. Treasury Secretary Henry Paulson says the government will initially buy mortgage-backed securities worth up to $5 billion.Copy
• summarize: Date: 2008-09-07, Update: The government seizes control of mortgage giants Fannie Mae and Freddie Mac, promising to inject up to $100 billion into each if they fail. In recent months, the two companies funded more than two-thirds of all home loans in the United States. Treasury Secretary Henry Paulson says the government will initially buy mortgage-backed securities worth up to $5 billion. Date: 2008-09-15, Update: Lehman Brothers declares bankruptcy, and Bank of America agrees to buy Merrill Lynch. Despite Wall Street's pleas and concerns about falling global stocks, the Federal Reserve opts not to raise interest rates. Oil falls below $100 per barrel. The state of New York has authorized AIG to use $20 billion from its own insurance subsidiaries to lessen a financial crisis.Copy
• summarize: Date: 2008-09-07, Update: The government seizes control of mortgage giants Fannie Mae and Freddie Mac, promising to inject up to $100 billion into each if they fail. In recent months, the two companies funded more than two-thirds of all home loans in the United States. Treasury Secretary Henry Paulson says the government will initially buy mortgage-backed securities worth up to $5 billion. Date: 2008-09-15, Update: Lehman Brothers declares bankruptcy, and Bank of America agrees to buy Merrill Lynch. Despite Wall Street's pleas and concerns about falling global stocks, the Federal Reserve opts not to raise interest rates. Oil falls below $100 per barrel. The state of New York has authorized AIG to use $20 billion from its own insurance subsidiaries to lessen a financial crisis. Date: 2008-09-16, Update: The federal government lends $85 billion to insurance giant American International Group in exchange for nearly 80% of its stock. Lawmakers demand government action and are considering other dramatic interventions. Lehman Brothers has filed for bankruptcy, attempting to sell off parts of its business in order to ease the process. Oil prices have dropped nearly $4.56 per barrel, continuing a two-month decline from all-time highs. The Dow Jones industrial average goes up on news that the federal government has agreed to assist AIG.Copy
• summarize: Date: 2008-09-07, Update: The government seizes control of mortgage giants Fannie Mae and Freddie Mac, promising to inject up to $100 billion into each if they fail. In recent months, the two companies funded more than two-thirds of all home loans in the United States. Treasury Secretary Henry Paulson says the government will initially buy mortgage-backed securities worth up to $5 billion. Date: 2008-09-15, Update: Lehman Brothers declares bankruptcy, and Bank of America agrees to buy Merrill Lynch. Despite Wall Street's pleas and concerns about falling global stocks, the Federal Reserve opts not to raise interest rates. Oil falls below $100 per barrel. The state of New York has authorized AIG to use $20 billion from its own insurance subsidiaries to lessen a financial crisis. Date: 2008-09-16, Update: The federal government lends $85 billion to insurance giant American International Group in exchange for nearly 80% of its stock. Lawmakers demand government action and are considering other dramatic interventions. Lehman Brothers has filed for bankruptcy, attempting to sell off parts of its business in order to ease the process. Oil prices have dropped nearly $4.56 per barrel, continuing a two-month decline from all-time highs. The Dow Jones industrial average goes up on news that the federal government has agreed to assist AIG. Date: 2008-09-17, Update: When banks abruptly stop lending to one another, cash becomes scarce, raising the cost of capital. Washington Mutual decides to sell itself. Morgan Stanley and Goldman Sachs both saw their stock prices fall by 24 and 14 percent, respectively. Morgan Stanley and Wachovia have begun merger discussions. The price of gold rises by more than 8%. The AIG takeover bothers investors, causing markets to suffer significant losses. The Securities and Exchange Commission (SEC) adopts new rules prohibiting abusive 'naked short-selling.'Copy