TAILIEUCHUNG - The Financial Crisis: A Timeline of Events and Policy Actions

Finally, if there are effects, it is important to know whether they are lasting. Providing financial education to schoolchildren is pointless unless their adult behaviour changes. Questionnaires administered immediately after a lesson cannot address the key issue. Fortunately, there are a few studies sufficiently well designed to minimise these problems. All find evidence that the effects of financial education on behaviour are positive but modest. Unfortunately, all the studies relate to the US. There is no particular reason to think the effect on UK consumers would be different, but there do not appear to be comparable studies. 6 The first set of studies. | The Financial Crisis A Timeline of Events and Policy Actions February 27 2007 Freddie Mac Press Release The Federal Home Loan Mortgage Corporation Freddie Mac announces that it will no longer buy the most risky subprime mortgages and mortgage-related securities. April 2 2007 SEC Filing New Century Financial Corporation a leading subprime mortgage lender files for Chapter 11 bankruptcy protection. June 1 2007 Congressional Testimony Standard and Poor s and Moody s Investor Services downgrade over 100 bonds backed by second-lien subprime mortgages. June 7 2007 Bear Stearns informs investors that it is suspending redemptions from its High-Grade Structured Credit Strategies Enhanced Leverage Fund. June 28 2007 Federal Reserve Press Release The Federal Open Market Committee FOMC votes to maintain its target for the federal funds rate at percent. July 11 2007 Standard and Poor s Ratings Direct Standard and Poor s places 612 securities backed by subprime residential mortgages on a credit watch. July 24 2007 SEC Filing Countrywide Financial Corporation warns of difficult conditions. July 31 2007 . Bankruptcy Filing Bear Stearns liquidates two hedge funds that invested in various types of mortgage-backed securities. Page 1 of 32 August 6 2007 SEC Filing American Home Mortgage Investment Corporation files for Chapter 11 bankruptcy protection. August 7 2007 Federal Reserve Press Release The FOMC votes to maintain its target for the federal funds rate at percent. August 9 2007 BNP Paribas Press Release BNP Paribas France s largest bank halts redemptions on three investment funds. August 10 2007 Federal Reserve Press Release The Federal Reserve Board announces that it will provide reserves as promote trading in the federal funds market at rates close to the FOMC s target rate of percent. In current circumstances depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always the discount

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