Government takeover

On 7 September the Ministry of Finance of the United States took control two of the biggest players in the mortgage market – the Federal National Mortgage Association (Fannie Mae) and the Federal Corporation for Housing Mortgage Lending (Freddie Mac), which financed around 70% of all mortgage transactions in the United States. The total loss from the mortgage crisis constitutes around 14 billion. Dollars.
On 15 September bankruptcy of US investment bank Lehman Brothers. Undec Dow Jones lost 504.48 points (-4.42%) – up to 10,917.51. S & P 500 fell 81.36 points (-4.71%) – up to 1192.7 points. NASDAQ fell 81.36 points (-3.6%) – up to 2179.91 points. Large losses were observed in other markets around the world. Another victim of the crisis was the US investment bank Merrill Lynch, bought by Bank of America for $ 50 billion. Dollars.
On September 17, the biggest insurance group in the world – the US AIG (AIG), facing the brink of bankruptcy, was rescued with 85 billion. Dollars allocated by the state. The state became a major shareholder in financial institutions in the US and in major European countries such as Britain, France, Germany and Iceland practice was carried out full nationalization of banks.
On September 19, the US government proposed a package of measures to tackle the crisis – “Act of emergency economic stabilization in 2008”, also known as the “Paulson plan”. US Treasury Secretary Henry Paulson has proposed allocating 700 billion. Dollars from the budget for the purchase of illiquid assets. In early October the plan was passed by Congress. But the confidence failed to recover. September 30 Wall Street suffered yet another “black Monday”, the US stock market lost 1.2 trillion. dollars and it was an absolute record in the history of the New York Stock Exchange. Even after the adoption of the rescue plan for the financial sector, proposed by US Treasury Secretary Henry Paulson, indices of stock markets around the world continued their decline.
October 8th Fed, Bank of England and the ECB and the central banks of Canada, Switzerland and Sweden, announced a coordinated reduction in interest rates by 0.5 percentage points. European stock indices fall, in some it exceeds 6%.
On October 10, SOFIX ended the week trading at 585.39 points, only a week lost 22.12% of its value. Sharp drop registered the indexes of European and Asian markets.