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<p><a href="http://biz.yahoo.com/ap/071015/credit_crunch_timeline.html?.v=1">http://biz.yahoo.com/ap/071015/credit_crunch_timeline.html?.v=1</a></p>
<p>From Yahoo Finance:</p>
<p>"<big class="pr"><strong>AP</strong></big>
Timeline of Gov't Credit Crunch Response
Monday October 15, 3:38 pm ET
Timeline of This Year's Federal Government Responses to Credit, Mortgage Problems </p>
<p> </p>
Wall Street and Main Street alike have been caught up in this year's credit market turmoil, which began with rising defaults on mortgages made to financially shaky borrowers and spread to corporate bonds and other kinds of debt.
<p>Following is a timeline of actions and statements from key players in Washington related to the credit crunch: </p>
<p>-- May 17: Federal Reserve Chairman Ben Bernanke said growing number of mortgage defaults will not seriously harm the U.S. economy </p>
<p>-- June 29: Banking regulators completed new guidelines calling on lenders to strictly evaluate borrowers' ability to repay home loans. </p>
<p>--Aug. 7: Fed left key federal funds rate unchanged, said credit problems and housing slump pose increasing risks to U.S. economy. </p>
<p>--Aug. 9: Fed pumped $24 billion into U.S. banking system through large purchases of securities, while European Central Bank made record cash injection of $130 billion into its markets to shake off credit fears. Wall Street suffered second-worst decline of year as Dow Jones industrials dropped by nearly 400 points. </p>
<p>--Aug. 10: Fed pumped another $38 billion in temporary reserves into the U.S. financial system; government rejected request for mortgage finance giants Fannie Mae and Freddie Mac to take on more debt. </p>
<p>--Aug. 17: Fed tried to stabilize financial markets by approving 0.5 percentage point cut in its discount rate on direct loans to banks. </p>
<p>--Aug. 31: President Bush announced plan to use Federal Housing Administration, which insures loans for low-income borrowers, to offer government-guaranteed loans to around 80,000 homeowners in default. </p>
<p>--Sept. 18: Fed cut key federal funds rate by a half point to 4.75 percent. </p>
<p>--Sept. 20: Bush acknowledged "some unsettling times" in the housing and credit markets, while Treasury Secretary Henry Paulson signaled the administration would consider allowing Fannie and Freddie to temporarily buy loans bigger than the current cap of $417,000. </p>
<p>--Oct. 4: House approved tax break for homeowners who have mortgage debt forgiven as part of a foreclosure or loan renegotiation. </p>
<p>--Oct. 11: House and Senate Democrats reached compromise on legislation permitting Fannie and Freddie to increase mortgage holdings by 10 percent from current limit; Bush administration rejected that idea. </p>
<p>--Oct. 10: Paulson announced a new mortgage industry coalition aimed at helping homeowners avoid foreclosure. </p>
<p>--Oct 15: Three largest banks -- Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. -- announced plan organized by Treasury Department to buy securities hurt during the summer's mortgage turmoil. "</p>
<p>From Yahoo Finance:</p>
<p>"<big class="pr"><strong>AP</strong></big>
Timeline of Gov't Credit Crunch Response
Monday October 15, 3:38 pm ET
Timeline of This Year's Federal Government Responses to Credit, Mortgage Problems </p>
<p> </p>
Wall Street and Main Street alike have been caught up in this year's credit market turmoil, which began with rising defaults on mortgages made to financially shaky borrowers and spread to corporate bonds and other kinds of debt.
<p>Following is a timeline of actions and statements from key players in Washington related to the credit crunch: </p>
<p>-- May 17: Federal Reserve Chairman Ben Bernanke said growing number of mortgage defaults will not seriously harm the U.S. economy </p>
<p>-- June 29: Banking regulators completed new guidelines calling on lenders to strictly evaluate borrowers' ability to repay home loans. </p>
<p>--Aug. 7: Fed left key federal funds rate unchanged, said credit problems and housing slump pose increasing risks to U.S. economy. </p>
<p>--Aug. 9: Fed pumped $24 billion into U.S. banking system through large purchases of securities, while European Central Bank made record cash injection of $130 billion into its markets to shake off credit fears. Wall Street suffered second-worst decline of year as Dow Jones industrials dropped by nearly 400 points. </p>
<p>--Aug. 10: Fed pumped another $38 billion in temporary reserves into the U.S. financial system; government rejected request for mortgage finance giants Fannie Mae and Freddie Mac to take on more debt. </p>
<p>--Aug. 17: Fed tried to stabilize financial markets by approving 0.5 percentage point cut in its discount rate on direct loans to banks. </p>
<p>--Aug. 31: President Bush announced plan to use Federal Housing Administration, which insures loans for low-income borrowers, to offer government-guaranteed loans to around 80,000 homeowners in default. </p>
<p>--Sept. 18: Fed cut key federal funds rate by a half point to 4.75 percent. </p>
<p>--Sept. 20: Bush acknowledged "some unsettling times" in the housing and credit markets, while Treasury Secretary Henry Paulson signaled the administration would consider allowing Fannie and Freddie to temporarily buy loans bigger than the current cap of $417,000. </p>
<p>--Oct. 4: House approved tax break for homeowners who have mortgage debt forgiven as part of a foreclosure or loan renegotiation. </p>
<p>--Oct. 11: House and Senate Democrats reached compromise on legislation permitting Fannie and Freddie to increase mortgage holdings by 10 percent from current limit; Bush administration rejected that idea. </p>
<p>--Oct. 10: Paulson announced a new mortgage industry coalition aimed at helping homeowners avoid foreclosure. </p>
<p>--Oct 15: Three largest banks -- Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. -- announced plan organized by Treasury Department to buy securities hurt during the summer's mortgage turmoil. "</p>
