When was the U.S. financial crisis?

The whole process of the 2008 financial crisis:

From January to May 2008, more and more financial institutions were involved, and the United States was in a huge crisis. In mid-January 2008, Citigroup and Merrill Lynch**, JPMorgan Chase, and UBS suffered serious losses.

The first victim was Bear Stearns, which is widely known in China, and was acquired by JPMorgan Chase for $100 million due to insufficient liquidity and asset losses. CITIC, a former Chinese partner, hastened to dissociate itself from relations.

Since July 2008, the crisis has worsened and socks have become a global problem. It's no longer just the market that has plummeted, many non-dollar currencies have begun to depreciate sharply, and panic is spreading everywhere.

In mid-September 2008, Lehman Brothers filed for bankruptcy protection, and Barclays Bank acquired Lehman Brothers' investment banking and capital markets business in the North American market at a low price of 100 million US dollars. US insurance giant AIG is in trouble; Merrill Lynch was acquired by Bank of America for $50.3 billion. At this stage, the subprime mortgage crisis turned into a global financial crisis, and Europe was the most affected.

Historical Context. Initially, the affected companies were limited to those directly involved in housing construction and subprime loans, such as Northern Rock Bank and National Financial Services. Some financial institutions engaged in mortgage**, such as Bear Stearns, have fallen victims.

On July 11, 2008, the nation's largest mortgage company collapsed. The assets of the Indymals Bank were seized by federal agents after they were crushed by the pressure of tight credit, due to the declining homes** and the rising rate of foreclosures.

On the day, financial markets were sharply aware, as investors wondered if they would try to bail out mortgage lenders Fannie Mae and Freddie Mac. On September 7, 2008, late summer, the crisis continued to intensify, although the federal ** took over Fannie Mae and Freddie Mac.

The current financial crisis in the United States was caused by the "subprime mortgage crisis", which began to manifest itself in the spring of 2006. In August 2007, it began to sweep the world's major financial markets, including the United States, the European Union, and Japan.

The subprime mortgage crisis erupted.

On February 13, 2007, New Century Finance issued a profit warning for the fourth quarter of 2006.

HSBC Holdings added $1.8 billion in bad debt provisions for its subprime mortgage business in the United States.

In the face of $17.4 billion in forced debt from Wall Street, New Century Financial Corp, the second-largest subprime mortgage company in the United States, announced on April 2, 2007 that it had filed for bankruptcy protection and laid off 54% of its employees.

On August 2, 2007, the German Industrial Bank announced a profit warning, and later estimated a loss of 8.2 billion euros due to its 12.7 billion euro "Rhineland Funding" and the bank's own small participation in the US real estate subprime mortgage market. The Bundesbank convened the nation's interbank to discuss a basket plan to save the German Industrial Bank.

The 10th largest mortgage lender in the United States, the American Home Mortgage Investment Corporation, officially filed for bankruptcy protection with the court on August 6, becoming another large mortgage lender in the United States to file for bankruptcy after the New Century Financial Corporation.

On August 8, 2007, Bear Stearns, the fifth largest investment bank in the United States, announced the collapse of two of its **, also due to the subprime mortgage crisis.

On August 9, 2007, BNP Paribas, France's largest bank, announced that it would freeze its three branches**, also suffering huge losses due to its investment in U.S. subprime mortgage bonds. This move led to a heavy setback in Europe.

On August 13, 2007, Mizuho Group, the parent company of Mizuho Bank, Japan's second-largest bank, announced a loss of 600 million yen related to subprime mortgages in the United States. Japanese and Korean banks have already suffered losses due to the subprime mortgage crisis in the United States. According to estimates by UBS** Japan, Japan's nine largest banks hold more than 1 trillion yen in U.S. subprime mortgage guarantees**.

In addition, five Korean banks, including Woori, invested a total of USD 100 million in secured debentures (CDOs). Investors are worried that the subprime mortgage problem in the United States will have a powerful impact on global financial markets. However, Japanese analysts are convinced that the vast majority of the secured debt certificates invested by Japanese banks have the highest credit ratings, and the impact of the subprime mortgage crisis is limited.

Later, Citigroup announced that it had lost $700 million in July 2007 from subprime mortgages, but that was a small amount for a financial group that made $20 billion a year.

However, the current share price of Citigroup has fallen from a high of $23 to a little more than $3 now, which means that the current value of Citigroup is equivalent to the level of a US regional bank, according to the latest ranking, Citigroup has fallen to 19th, and its market value has shrunk by 90%, and its financial situation is not optimistic.