Timing

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Several events are considered the beginning of the crisis in August 2007 – August 7, several hedge fund recognized large losses and was faced with the shortage of liquidity on the 9th were suspended three funds BNP Paribas, forcing the ECB to intervene with 95 bn. Euro, and the next day to ensure liquidity joined leading central banks.
From August 17 the Fed began a series of interest rate cuts, which then was 6.25%.
In August the same problems exam and British Northern Rock, which in autumn became the first British bank for 150 years, besieged by depositors pulling their deposits (retrospectively it was nationalized).
In the US, Countrywide Financial (before the crisis it was 20% of the mortgage market) narrowly escaped bankruptcy through emergency loan banks, and was later bought by moles of America.
In the autumn the US authorities have taken measures, facilitating payments foreclosures.
In 2008, the writing off of losses, the FBI began arrests of bankers and others involved in the mortgage market. The key event was the collapse of the “Bear” which was bought in March 2008 by JPMorgan Chase, and Fed fund this rescue with $ 30 billion.
In the fall of 2008, what until now it seemed only a credit crisis developed into a global crisis. Mortgage companies, “Freddie Mac” and “Fannie Mae” were rescued with taxpayers’ money.
Increased write-off of assets build on mortgages.
After the bankruptcy of “Lehman Brothers” on September 15, 2008 financial markets were already completely blocked.