主题：【资料整理】美国次贷危机时间表 -- 飞扬的心

前记：近半年来，花了好些时间学习经济。谨以此资料整理来总结一下对宏观经济学的认识。

此时间表以wiki上的Subprime crisis impact timeline为骨干，做了一些删减和补充。因时间有限，直接摘录了原文，不好意思。如有任何遗漏、疏忽或错误，请指教，不胜感激。

1929–1989

1929-1940s: 大萧条。保护主义盛行。罗斯福（美国总统，1933年3月4日-1945年4月12日）新政，国家垄断资本主义产生。

1938: The Federal National Mortgage Association, commonly known as Fannie Mae, is established (as part of Franklin Delano Roosevelt's New Deal) to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.

1945年7月：布雷顿森林协定签订，美元正式代替英镑的垄断地位。

1950年6月25日-1953年7月27日：朝鲜战争。

1961年5月-1975年4月30日：美国介入越南战争。

1968: Fannie Mae is converted from a federal government entity to a stand-alone government sponsored enterprise (GSE) which purchases and securitizes mortgages to facilitate liquidity in the primary mortgage market. The move takes the debt of Fannie Mae off of the books of the government.

1970: Federal Home Loan Mortgage Corporation (Freddie Mac) is created by an act of Congress, as a government sponsored enterprise, to buy mortgages on the secondary market, pool them, and sell them as mortgage-backed securities to investors on the open market; in 1971 it issues its first Mortgage Participation Certificate security.

1971年8月15日：布雷顿森林协定开始崩溃，“美元灾”显现。

1970s: 严重通货膨胀在美国持续（1981年达到13.5%），出现滞涨。两次石油危机。

1970s: Private companies (especially Salomon Brothers) begin mortgage asset securitization with the creation of private mortgage pools in the 1970s.

1980: The Depository Institutions Deregulation and Monetary Control Act (DIDMCA) of 1980 granted all thrifts, including savings and loan associations, the power to make consumer and commercial loans and to issue transaction accounts and exempted federally chartered savings banks, installment plan sellers and chartered loan companies from state usury (unlimited interest rates) limits.

1981年：所罗门兄弟第一个抛弃华尔街传统--私人合伙公司转变为公众上市公司。

80年代初：美联储主席沃尔克利用“猛药”（联邦基金目标利率1981年6月达到20%）把通货膨胀率压至1983年的3.2%。后果之一是美国大多数的储蓄贷款银行（savings and loans）资不抵债。

1980s: “里根经济”时代，开始大规模的私有化、消除管制和减税。

1982: Alternative Mortgage Transaction Parity Act of 1982 (AMTPA) allows lenders to originate mortgages with features such as adjustable-rate mortgages, balloon payments, and negative amortization and "allows lenders to make loans with terms that may obscure the total cost of a loan".

1986: Tax Reform Act of 1986 (TRA) prohibits taxpayers from deducting interest on consumer loans, such as credit cards and auto loans, while allowing them to deduct interest paid on mortgage loans, providing an incentive for homeowners to take out home equity loans to pay off consumer debt. Household debt would grow from $705 billion at year end 1974, 60% of disposable personal income, to $7.4 trillion at year end 2000, and finally to $14.5 trillion in midyear 2008, 134% of disposable personal income.

1985–1989: The effects of Tax Reform Act of 1986, the elimination of Regulation Q which had capped interest rates banks were allowed to pay, imprudent lending during the late 1970s inflationary period, as well as other causes, led to asset-liability mismatch for many Savings and Loans. This defacto insolvency led to the Savings and Loan Crisis and the failure and/or closure of half of all federally insured savings and loans. The number declined from 3,234 to 1,645.

1987-2006: “格林斯潘神话”，强美元，低通胀。

1989-1995: Financial Institutions Reform, Recovery and Enforcement Act ("FIRREA") established the Resolution Trust Corporation (RTC) which closed hundreds of insolvent savings and loans holding $519 billion in assets and moved regulatory authority to the Office of Thrift Supervision (OTS). The U.S. government ultimately appropriated 105 billion dollars to resolve the crisis. After banks repaid loans through various procedures, there was a net loss to taxpayers of 40 billion dollars by the end of 1999.

1990 - 2000

1991年底：苏联解体，冷战结束。

1992: Federal Housing Enterprises Financial Safety and Soundness Act of 1992 required Fannie Mae and Freddie Mac to devote a percentage of their lending to support affordable housing increasing their pooling and selling of such loans as securities; Office of Federal Housing Enterprise Oversight (OFHEO) created to oversee them.

1993: The Federal Reserve Bank of Boston published "Closing the Gap: A Guide to Equal Opportunity Lending" which recommended a series of measures to better serve low-income and minority households, including loosening income thresholds for receiving a mortgage, influencing government policy and housing activist demands on banks thereafter.

1995: New Community Reinvestment Act regulations break down home-loan data by neighborhood, income, and race, enabling community groups to complain to banks and regulators about CRA compliance. Regulations also allows community groups that market loans to collect a broker's fee. Fannie Mae allowed to receive affordable housing credit for buying subprime securities.

1995–2001: Dot-com bubble and collapse

1997: Mortgage denial rate of 29 percent for conventional home purchase loans. Investors purchased more than $60 billion of subprime mortgage backed securities, six times more than 1991’s volume of $10 billion. (private label securities, not GSE backed)

July: The Taxpayer Relief Act of 1997 expanded the capital-gains exclusion to $500,000 (per couple) from $125,000, encouraging people to invest in second homes and investment properties.

November: Freddie Mac helped First Union Capital Markets and Bear Stearns & Co launch the first publicly available securitization of CRA loans, issuing $384.6 million of such securities. All carried a Freddie Mac guarantee as to timely interest and principal.

1998: Incipient housing bubble as inflation-adjusted home price appreciation exceeds 10% per year in most West Coast metropolitan areas.

October: "Financial Services Modernization Act" killed in Senate because of no restrictions on Community Reinvestment Act-related community groups written into law.

Federal Reserve Bank of New York rescues Long-Term Capital Management hedge fund in 1998, which a Government Accountability Office critic said encouraged risky loans on assumption government will bail out "too big to fail" banks and companies.

1998年4月6日：花旗集团成立。美国金融业进入金融集团时代。（虽然格拉斯-斯蒂格尔法案还在。）

1999年1月1日：欧元诞生。

September 1999: Fannie Mae eases the credit requirements to encourage banks to extend home mortgages to individuals whose credit is not good enough to qualify for conventional loans.

November 1999: Gramm-Leach-Bliley Act "Financial Services Modernization Act" repeals Glass-Steagall Act, deregulates banking, insurance and securities into a financial services industry allow financial institutions to grow very large.

2000: Lenders originating $160 billion worth of subprime, up from $40 billion in 1994. Fannie Mae buys $600 million of subprime mortgages, primarily on a flow basis. Freddie Mac, in that same year, purchases $18.6 billion worth of subprime loans, mostly Alt A and A- mortgages. Freddie Mac guarantees another $7.7 billion worth of subprime mortgages in structured transactions.

October: Fannie Mae commits to purchase and securitize $2 billion of Community Reinvestment Act eligible loans.

November: Fannie Mae announces that the Department of Housing and Urban Development (“HUD”) will soon require it to dedicate 50% of its business to low- and moderate-income families" and its goal is to finance over $500 billion in Community Reinvestment Act related business by 2010.

December: Commodity Futures Modernization Act of 2000 defines interest rates, currency prices, and stock indexes as "excluded commodities", allowing trade of credit-default swaps by hedge funds, investment banks or insurance companies with minimal oversight.