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(詳細はUnited States housing bubble and the 2005 housing bubble burst (or market correction) and the subprime mortgage crisis which developed during 2007 and 2008. 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 2007–2010 or Global financial crisis of September–October 2008. ==1938–1979== *1938: 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.〔McClean, Nocera, p 6〕 *late 1960s: Fannie Mae is permitted to purchase 'conventional' mortgages (not just VA/FHA).〔McClean, Nocera, p23〕 *late 1960s: 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.〔McClean, Nocera, p22〕 *1968: Fannie Mae spins off Ginnie Mae as a separate entity. Ginnie will continue to have an explicit, written government guarantee for all its mortgage loans.〔McClean, Nocera, p7〕 Fannie Mae, however, is converted into to a stand-alone corporation, a government-sponsored enterprise (GSE). *1970: 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 1989) *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 2008 (see below)〔McClean, Nocera, Chapter 1〕〔See also On The Brink by Henry Paulson〕 *1970: Ginnie Mae creates the first mortgage-backed security, based on FHA and VA mortgages. It guarantees them.〔McClean, Nocera, p 7〕 *1971: Freddie issues its first Mortgage Participation Certificate security. This is the first mortgage-backed security made of ordinary mortgages.〔(History of Freddie Mac ).〕 *1970s: Private companies begin mortgage asset securitization with the creation of private mortgage pools in the 1970s.〔(【引用サイトリンク】url=http://www.dallasfed.org/news/ca/2005/05wallstreet_assets.pdf )〕 *1974: 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〔Regulation B, Equal Credit Opportunity 12 CFR 202.14(b) as stated in (Closing the Gap: A Guide to Equal Opportunity Lending ), Federal Reserve System of Boston.〕 *1977: 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.〔(Text of Housing and Community Development Act of 1977—title Viii (Community Reinvestment) ).〕〔(【引用サイトリンク】title=Community Reinvestment Act )〕 *1977: Salomon Brothers attempts creation of a "private label" mortgage backed security (one that doesn't involve GSE mortgages). It fails in the marketplace.〔McClean, Nocera, p 12〕 *Late 1970s: 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.〔McClean, Nocera, p 5〕〔Liar's Poker, Michael Lewis〕 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Subprime crisis impact timeline」の詳細全文を読む スポンサード リンク
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