70:
216:. The action made the Fed a crucial source of credit for non-financial businesses in addition to commercial banks and investment firms. Fed officials said they'll buy as much of the debt as necessary to get the market functioning again. They refused to say how much that might be, but they noted that around $ 1.3 trillion worth of commercial paper would qualify. There was $ 1.61 (~$ 2.00 in 2023) trillion in outstanding commercial paper, seasonally adjusted, on the market as of October 1, 2008, according to the most recent data from the Fed. That was down from $ 1.70 trillion in the previous week. Since the summer of 2007, the market has shrunk from more than $ 2.2 trillion.
1083:
43:" for the banks, instead of providing liquidity and taking over. It did not shut down or clean up most troubled banks; and did not force out bank management or any bank officials responsible for taking bad risks, despite the fact that most of them had major roles in driving to disaster their institutions and the financial system as a whole. This lavishing of cash and gentle treatment was the opposite of the harsh terms the U.S. had demanded when the financial sectors of emerging market economies encountered crises in the 1990s.
263:, a large financial institution with substantial mortgage-backed securities (MBS) investments that had recently plunged in value. This action was taken in part to avoid a potential fire sale of nearly U.S. $ 210 billion of Bear Stearns' MBS and other assets, which could have caused further devaluation in similar securities across the banking system. In addition, Bear had taken on a significant role in the financial system via
114:
which they rely when making the credit decision. Also, for higher-priced loans, lenders now will be required to establish escrow accounts so that property taxes and insurance costs will be included in consumers' regular monthly payments...Other measures address the coercion of appraisers, servicer practices, and other issues. We believe the new rules will help to restore confidence in the mortgage market."
132:
measures effectively lubricate the financial system, in two key ways. First, they help provide access to funds for those entities with illiquid mortgage-backed securities. This helps these entities avoid selling the MBS at a steep loss. Second, the available funds stimulate the commercial paper market and general economic activity. Specific responses by central banks are included in the
89:. In a March 2009 interview, he stated that the expansion of the Fed balance sheet was necessary "...because our economy is very weak and inflation is very low. When the economy begins to recover, that will be the time that we need to unwind those programs, raise interest rates, reduce the money supply, and make sure that we have a recovery that does not involve inflation."
157:
of financial institutions to sell mortgage-backed and other debt. The Fed indicated that both the TAF and repurchase agreement amounts will continue and be increased as necessary. During March 2008, the Fed also expanded the types of institutions to which it lends money and the types of collateral it accepts for loans.
131:
to ensure member banks have access to funds (i.e., liquidity). These are effectively short-term loans to member banks collateralized by government securities. Central banks have also lowered the interest rates charged to member banks (called the discount rate in the U.S.) for short-term loans. Both
35:
found that "on numerous occasions in 2008 and 2009, the
Federal Reserve Board invoked emergency authority under the Federal Reserve Act of 1913 to authorize new broad-based programs and financial assistance to individual institutions to stabilize financial markets. Loans outstanding for the emergency
156:
to provide short-term loans (liquidity) to banks. The Fed increased the monthly amount of these auctions to $ 100 billion during March 2008, up from $ 60 billion in prior months. In addition, term repurchase agreements expected to cumulate to $ 100 billion were announced, which enhance the ability
56:
was lowered from 5.25% to 2% and the discount rate was lowered from 5.75% to 2.25%, through six separate actions. The discount rate is the interest rate charged to commercial banks and other depository institutions on loans they receive from their regional
Federal Reserve Bank's lending facility via
113:
In July 2008, the Fed finalized new rules that apply to mortgage lenders. Fed
Chairman Ben Bernanke stated that the rules "prohibit lenders from making higher-priced loans without due regard for consumers' ability to make the scheduled payments and require lenders to verify the income and assets on
104:
mortgage-backed securities, bringing its total purchases of these securities to up to $ 1.25 trillion during 2009, and to increase its purchases of agency debt this year by up to $ 100 billion to a total of up to $ 200 billion. Moreover, to help improve conditions in private credit markets, the
92:
Both the actual and authorized size of the Fed balance sheet (i.e., the amount it is allowed to borrow from the
Treasury to lend) was increased significantly during the crisis. The money created was funneled through certain financial institutions, which use it to lend to corporations issuing the
238:
In
November 2008, the Fed announced the $ 200 billion TALF. This program supported the issuance of asset-backed securities (ABS) collateralized by loans related to autos, credit cards, education, and small businesses. This step was taken to offset liquidity concerns.
30:
stated in early 2008: "Broadly, the
Federal Reserve’s response has followed two tracks: efforts to support market liquidity and functioning and the pursuit of our macroeconomic objectives through monetary policy." A 2011 study by the
51:
In August 2007, Committee announced that "downside risks to growth have increased appreciably," a signal that interest rate cuts might be forthcoming. Between 18 September 2007 and 30 April 2008, the target for the
346:
The Bank of
America Corporation lending commitment was a commitment to provide non-recourse loan facility to Bank of America if losses on ring fence assets exceeded $ 18 billion (agreement never finalized).
652:"Board announces that the set of eligible collateral for loans extended by the Term Asset-Backed Loan Facility (TALF) is being expanded to include four additional categories of asset-backed securities"
201:
1460:
1370:
1419:
865:
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101:
338:
The
Citigroup Inc. lending commitment was a commitment to provide non-recourse loan to Citigroup against ringfence assets if losses on asset pool reached $ 56.2 billion.
890:
223:
provided loans to a special purpose vehicle to finance purchases of new issues of asset-backed commercial paper and unsecured commercial paper from eligible issuers.
827:
303:, which provided collateralized cash loans to reduce pressure on AIG to liquidate residential mortgage-backed securities (RMBS) in its securities lending portfolio.
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910:
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provided loans to depository institutions and their affiliates to finance purchases of eligible asset-backed commercial paper from money market mutual funds.
794:
1343:
165:
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financial instruments that serve as collateral. The type or scope of assets eligible to be collateral for such loans has expanded throughout the crisis.
139:
In
November 2008, the Fed announced a $ 600 billion (~$ 834 billion in 2023) program to purchase the MBS of the GSE, to help lower mortgage rates.
732:
1270:
1009:
483:
1820:
1167:
315:, a special purpose vehicle created to purchase collateralized debt obligations on which AIG Financial Products had written credit default swaps.
77:
The Fed can electronically create money and use it to lend against the collateral of various types, such as agency mortgage-backed securities or
1868:
1863:
885:
789:
267:, essentially insuring against (or speculating regarding) mortgage and other debt defaults. The risk to its ability to perform its role as a
1827:
81:. This is effectively "printing money" and increases the money supply, which under normal economic conditions creates inflationary pressure.
242:
In March 2009, the Fed announced that it was expanding the scope of the TALF program to allow loans against additional types of collateral.
26:, in partnership with central banks around the world, took several steps to address the subprime mortgage crisis. Federal Reserve Chairman
1394:
855:
572:
FRB: Press
Release-Federal Reserve announces two initiatives to address heightened liquidity pressures in term funding markets-7 March 2008
321:, which was authorized to provide credit to AIG that would be repaid with cash flows from its life insurance businesses. It was never used.
1426:
925:
915:
895:
1431:
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100:(FOMC) decided to increase the size of the Federal Reserve's balance sheet further by purchasing up to an additional $ 750 billion of
850:
822:
749:
1324:
585:
278:, an overnight loan provided to JPMC subsidiary, with which this subsidiary made a direct loan to Bear Stearns Companies, Inc, and
966:
784:
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exchanged dollars with foreign central banks for foreign currency to help address disruptions in dollar funding markets abroad.
105:
Committee decided to purchase up to $ 300 billion (~$ 414 billion in 2023) of longer-term Treasury securities during 2009.
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905:
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1768:
1400:
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The Federal Reserve provided loans to broker-dealer affiliates of four primary dealers on terms similar to those for PDCF.
297:, a revolving loan for the general corporate purposes of AIG and its subsidiaries, and to pay obligations as they came due.
1748:
1738:
1102:
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282:, a special purpose vehicle created to purchase approximately $ 30 billion of Bear Stearns's mortgage-related assets.
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412:
Federal Reserve System: Opportunities Exist to Strengthen Policies and Processes for Managing Emergency Assistance
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1708:
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133:
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531:"FRB: Speech--Bernanke, The Recent Financial Turmoil and its Economic and Policy Consequences--15 October 2007"
189:
1049:
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837:
97:
78:
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309:, a special purpose vehicle created to purchase RMBS from securities lending portfolios of AIG subsidiaries.
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1300:
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188:
Concurrent to the collapse of Bear Stearns, the Fed announced the creation of a new lending facility, the
630:
571:
551:
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212:
On October 7, 2008, the Federal Reserve further expanded the collateral it will loan against, to include
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1072:
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called this approach "credit easing", possibly to distinguish it from the widely used expression
1253:
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provided loans to eligible investors to finance purchases of eligible asset-backed securities.
128:
1810:
1486:
1480:
1288:
1218:
196:
Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility (AMLF or ABCP MMMF)
153:
180:
auctioned loans of U.S. Treasury securities to primary dealers against eligible collateral.
1276:
1247:
1067:
1044:
8:
1510:
1351:
1242:
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192:. The PDCF provided overnight cash loans to primary dealers against eligible collateral.
86:
582:
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519:
FRB: Testimony-Bernanke, Semiannual Monetary Policy Report to the Congress-15 July 2008
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in these derivative arrangements was another major threat to the banking system.
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23:
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Bear Stearns Companies, Inc. acquisition by JP Morgan Chase & Co. (JPMC)
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programs peaked at more than $ 1 (~$ 1.00 in 2023) trillion in late 2008."
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JPMorgan to buy Bear Stearns for $ 2 a share - U.S. business - nbcnews.com
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After Bear Stearns, others could be at risk - U.S. business - nbcnews.com
202:
Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility
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583:
Investment Firms Tap Fed for Billions: Financial News - Yahoo! Finance
1832:
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The Federal Reserve created five programs to give assistance to AIG:
255:
In March 2008, the Fed provided funds and guarantees to enable bank
226:
1800:
1200:
1059:
434:
13 Bankers: The Wall Street Takeover and the Next Financial Meltdow
73:
Federal Reserve Holdings of Treasury and Mortgage-Backed Securities
1805:
341:
415:, GAO-11-696. Washington, DC: General Accounting Office, 2011.
364:"Financial Markets, the Economic Outlook, and Monetary Policy"
325:
866:
Acquired or bankrupt banks in the late 2000s financial crisis
552:"Fed - GSE (Government Sponsored Enterprise) MBS purchases"
207:
171:
861:
Dodd–Frank Wall Street Reform and Consumer Protection Act
245:
183:
123:
Agency Mortgage-Backed Securities (MBS) Purchase Program
65:
Expansion of Fed Balance Sheet ("Quantitative Easing")
333:
1438:
Public–Private Investment Program for Legacy Assets
911:
Public–Private Investment Program for Legacy Assets
602:"Fed acts Sunday to prevent global bank run Monday"
462:
FRB: Press Release-FOMC Statement-18 September 2007
740:
227:Term Asset-Backed Securities Loan Facility (TALF)
1845:
656:Board of Governors of the Federal Reserve System
500:Board of Governors of the Federal Reserve System
451:FRB: Press Release-FOMC statement-17 August 2007
368:Board of Governors of the Federal Reserve System
473:FRB: Press Release-FOMC statement-18 March 2008
127:The Fed and other central banks have conducted
886:Federal takeover of Fannie Mae and Freddie Mac
342:Bank of America Corporation lending commitment
147:
1828:Personal consumption expenditures price index
1003:
726:
856:Emergency Economic Stabilization Act of 2008
39:Broadly stated, the Fed chose to provide a "
1427:2009 Supervisory Capital Assessment Program
1344:Federal Reserve v. Investment Co. Institute
926:2009 Supervisory Capital Assessment Program
896:Homeowners Affordability and Stability Plan
326:Loans to affiliates of some primary dealers
1432:Term Asset-Backed Securities Loan Facility
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936:Term Asset-Backed Securities Loan Facility
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233:Term Asset-Backed Securities Loan Facility
851:Housing and Economic Recovery Act of 2008
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208:Commercial Paper Funding Facility (CPFF)
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967:Financial position of the United States
172:Term Securities Lending Facility (TSLF)
142:
1846:
1108:Monetary Policy Report to the Congress
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1869:History of the Federal Reserve System
1864:Economic history of the United States
1401:Unfair or Deceptive Acts or Practices
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246:Assistance to Individual Institutions
184:Primary Dealer Credit Facility (PDCF)
22:The U.S. central banking system, the
1816:Monetary policy of the United States
1395:Emergency Economic Stabilization Act
1352:Northeast Bancorp v. Federal Reserve
1325:Humphrey–Hawkins Full Employment Act
160:
1103:Federal Reserve Statistical Release
13:
1389:Subprime mortgage crisis responses
380:
14:
1885:
1454:Commercial Paper Funding Facility
1407:Commercial Paper Funding Facility
334:Citigroup Inc. lending commitment
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221:Commercial Paper Funding Facility
1791:Criticism of the Federal Reserve
1365:Expedited Funds Availability Act
1081:
633:. Federalreserve.gov. 2008-11-25
554:. Federalreserve.gov. 2008-11-25
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178:Term Securities Lending Facility
33:Government Accountability Office
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134:subprime crisis impact timeline
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750:Background / timeline
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846:Economic Stimulus Act of 2008
742:U.S. subprime mortgage crisis
484:Bernanke-60 Minutes Interview
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319:Life Insurance Securitization
301:Securities Borrowing Facility
98:Federal Open Market Committee
79:asset-backed commercial paper
1420:Bloomberg v. Federal Reserve
1319:Electronic Fund Transfer Act
1301:Home Mortgage Disclosure Act
1295:Equal Credit Opportunity Act
1183:National Monetary Commission
781:United States housing bubble
46:
7:
148:Term Auction Facility (TAF)
102:government-sponsored agency
10:
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1307:Community Reinvestment Act
871:Capital Assistance Program
813:2007–2008 financial crisis
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1331:International Banking Act
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881:Federal Reserve responses
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828:Indirect economic effects
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785:housing market correction
771:
748:
631:"Fed News Release - TALF"
295:Revolving Credit Facility
1874:Subprime mortgage crisis
1265:Bank Holding Company Act
876:Capital Purchase Program
18:Subprime mortgage crisis
891:Government intervention
588:March 23, 2008, at the
1859:Federal Reserve System
1383:Gramm–Leach–Bliley Act
1254:Employment Act of 1946
1019:Federal Reserve System
758:Background information
129:open market operations
118:Open market operations
109:Mortgage lending rules
74:
1811:Lender of last resort
1487:William P. G. Harding
1289:Smithsonian Agreement
1219:Emergency Banking Act
1045:Federal Reserve Banks
154:Term Auction Facility
152:The Fed is using the
72:
1493:Daniel R. Crissinger
1377:FDIC Improvement Act
1277:Truth in Lending Act
1248:Bretton Woods system
1177:Aldrich–Vreeland Act
1068:Federal Reserve Note
977:Property derivatives
916:Regulatory responses
274:Programs included a
143:Broad-based programs
1243:Banking Act of 1935
1189:Federal Reserve Act
795:Government policies
96:In March 2009, the
87:Quantitative easing
1646:Current presidents
1627:Christopher Waller
1517:Marriner S. Eccles
1231:Glass–Steagall Act
1141:Federal funds rate
946:Wall Street reform
931:Tea Party protests
698:"The $ 2 bail-out"
265:credit derivatives
75:
54:Federal funds rate
1841:
1840:
1685:Loretta J. Mester
1675:Patrick T. Harker
1541:G. William Miller
1529:William M. Martin
1481:Charles S. Hamlin
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984:
906:Loan modification
901:Hope Now Alliance
257:J.P. Morgan Chase
166:Dollar Swap Lines
161:Dollar Swap Lines
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1602:Philip Jefferson
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1448:Durbin amendment
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704:. 19 March 2008.
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1511:Eugene R. Black
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16:Main article:
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2:
1886:
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1769:San Francisco
1766:
1763:
1760:
1756:
1753:
1750:
1746:
1743:
1740:
1736:
1735:Neel Kashkari
1733:
1730:
1726:
1723:
1720:
1716:
1713:
1710:
1706:
1703:
1700:
1696:
1695:Thomas Barkin
1693:
1690:
1686:
1683:
1680:
1676:
1673:
1670:
1666:
1665:John Williams
1663:
1660:
1656:
1655:Susan Collins
1653:
1652:
1650:
1648:(by district)
1644:
1638:
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1625:
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1592:Jerome Powell
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1571:Jerome Powell
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1359:Greenspan put
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1136:Federal funds
1134:
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1117:Federal funds
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747:
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729:
724:
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702:The Economist
699:
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632:
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584:
579:
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568:
553:
547:
532:
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520:
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501:
497:
491:
485:
480:
474:
469:
463:
458:
452:
447:
440:
437:, (New York:
436:
435:
430:
426:
425:Simon Johnson
421:
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384:
369:
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331:
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234:
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205:
203:
193:
191:
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169:
167:
158:
155:
140:
137:
135:
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115:
106:
103:
99:
94:
90:
88:
84:
80:
71:
62:
60:
55:
44:
42:
37:
34:
29:
25:
19:
1786:Central bank
1765:Mary C. Daly
1679:Philadelphia
1632:Lisa D. Cook
1612:Michael Barr
1565:Janet Yellen
1559:Ben Bernanke
1547:Paul Volcker
1505:Eugene Meyer
1499:Roy A. Young
1459:
1418:
1388:
1350:
1342:
1271:FOMC actions
1225:Regulation Q
1213:Regulation D
880:
783: /
701:
692:
681:
670:
659:. Retrieved
655:
646:
635:. Retrieved
625:
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556:. Retrieved
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535:. Retrieved
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371:. Retrieved
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269:counterparty
261:Bear Stearns
259:to purchase
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187:
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126:
112:
95:
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83:Ben Bernanke
76:
50:
41:blank cheque
38:
28:Ben Bernanke
21:
1755:Lorie Logan
1749:Kansas City
1745:Jeff Schmid
1739:Minneapolis
1567:(2014–2018)
1561:(2006–2014)
1555:(1987–2006)
1549:(1979–1987)
1543:(1978–1979)
1537:(1970–1978)
1531:(1951–1970)
1525:(1948–1951)
1519:(1934–1948)
1513:(1933–1934)
1507:(1930–1933)
1501:(1927–1930)
1495:(1923–1927)
1489:(1916–1922)
1483:(1914–1916)
1456:(2020–2021)
1434:(2009–2010)
1415:(2008–2010)
1409:(2008–2010)
1391:(2007–2010)
1283:Nixon shock
1250:(1944–1971)
1195:Pittman Act
1185:(1909–1912)
1168:Antecedents
606:Marketwatch
276:Bridge Loan
1848:Categories
1606:Vice Chair
1207:Phelan Act
1098:Beige Book
1035:Vice Chair
823:Writedowns
661:2021-12-17
637:2009-02-27
619:Fed Action
558:2009-02-27
537:2008-05-19
505:2021-12-17
429:James Kwak
373:2021-12-17
351:References
1833:Sahm rule
1796:Fed model
1729:St. Louis
1689:Cleveland
1584:governors
1371:FIRRE Act
1337:DIDMC Act
1215:(c. 1930)
1129:Bank rate
1060:Banknotes
1040:Governors
838:Responses
47:Signaling
1801:Fedspeak
1699:Richmond
1669:New York
1201:Edge Act
586:Archived
1821:History
1806:Fed put
1779:Related
1719:Chicago
1709:Atlanta
1582:Current
1446:(2010;
1440:(2009–)
1163:History
1091:Reports
805:Impacts
1759:Dallas
1659:Boston
1473:Chairs
1464:(2024)
1423:(2009)
1403:(2008)
1397:(2008)
1385:(1999)
1379:(1991)
1373:(1989)
1367:(1987)
1361:(1987)
1355:(1985)
1347:(1981)
1339:(1980)
1333:(1978)
1327:(1978)
1321:(1978)
1315:(1977)
1309:(1977)
1303:(1975)
1297:(1974)
1291:(1971)
1285:(1971)
1279:(1968)
1267:(1956)
1261:(1951)
1239:(1934)
1233:(1933)
1227:(1933)
1221:(1933)
1209:(1920)
1203:(1919)
1197:(1918)
1191:(1913)
1179:(1908)
773:Causes
533:. 2008
1596:Chair
1030:Chair
427:and
231:The
219:The
200:The
176:The
57:the
1850::
700:.
654:.
604:.
498:.
431:,
382:^
366:.
136:.
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1011:e
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720:v
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640:.
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561:.
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508:.
376:.
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