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MARCH 16: The Fed rescues Bear Stearns.
The Federal reserve announces that it has helped broker a deal for J.P. Morgan Chase to buy beleaguered investment bank Bear Stearns. J.P. Morgan agreed to buy the firm for $2 a share after the Fed promised to guarantee $30 billion of risky assets. It later increases its offer to $10 a share.
JULY 11: IndyMac Bank fails.
The Federal Deposit Insurance Corp. takes control of IndyMac Bank of Pasadena, Calif., after a $1.3 billion run on deposits rattles the major mortgage lender. The FDIC estimates the cost at $4 billion to $8 billion.
SEPT. 7: The government takes over Fannie Mae and Freddie Mac.
Fannie Mae and Freddie Mac come under government control after it becomes clear that the twin mortgage-finance giants lack the capital to cover future losses. The Treasury pledges to inject up to $200 billion to make sure Fannie Mae and Freddie Mac remain solvent.
