Big Short Timeline
Category: Other
Updated: 7 Dec 2017
Contributors
Created byMatthew Brtek
Attachments
Events
First Mortgage Derivative CreatedFirst CDO created by DrexelFannie Mae begins extending home ownership to sub-prime customersFannie discloses a $8.3 billion holding of "expanded approval" loansEmergency Economic Stabilization Act of 2008U.K. announces Bank Rescue PackageGlass-Steagall Act RepealedLargest daily recorded loss in Stock Market historyS&P down 11.88%, Burry +55%Dodd-Frank ActBurry bought first CDS, buying $60m in insurance from DeutscheOver half a trillion dollars in subprime mortgagesFirst corporate CDS by JP MorganEisman and Lippmann meetAIG gets involvedLippmann joins party in credit default swapsStandard & Poor's announces change to mortgage bond rating'For Sale' signs increaseEarly 2003, Cornwall Capital is formedCornwall tries to buy swaps on AA CDOsLas Vegas ConferenceDJIA closes above 14,0002,200,000 foreclosures were filed in 2007, more than 1% of US homes3,000,000 foreclosures by end of 2008Almost 4,000,000 by 2009Largest U.S. subprime lender, files for chapter 11 bankruptcyBen sold Cornwall's position 80:1Burry began to unload his positionFrontpoint ended 2007 doubling their fund, to $1.5 billionLehman Brothers files bankruptcyMerrill Lynch sold to Bank of AmericaFirst mortgage back CDO created by Credit SuissePeriods
Fannie Mae investigates CEOHomeownership steady at 63%Scion Capital operates under Michael Burry25+ subprime lenders declare bankruptcy
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