Timeline

The financial crisis began with the collapse of the market of mortgage lending in the United States. In practice, all companies providing mortgage loans with low standards in lending recorded losses.
In August 2007, the crisis on the market of mortgage lending in the US shifted to Europe. World system began experiencing liquidity shortages. The central banks of Europe, England, Japan, USA, Canada, Australia and New Zealand held massive interventions to calm the financial market.
In September, the Fed sharply lowered interest rate to 4.75 percent from 5.25 percent. In Russia began a wave increase in mortgage rates and stricter requirements for borrowers. A number of banks left the mortgage market.
In October Investment bank Merrill Lynch wrote off billions of dollars in losses. In November and December the US government a package of anti-crisis measures for banks and borrowers in difficulty. Many US and European banks, investment and hedge funds reported a loss of billions of dollars. The banking crisis in Europe deepened. For the first two weeks of January, the European stock index DJ Euro Stoxx Banks lost almost 10%. There was a decline in capital markets in Asia.
At the beginning of 2008 because of the decline in the stock market in Russia many investors turned to the property market. There was a sharp acceleration in house prices.
In March, JP Morgan Chase announced its decision to buy the fifth largest investment bank Bear Stearns for 236 mln. USD. In April-May continued liquidity problems in the global financial markets. On May 30, as a result of crisis the fifth biggest investment bank in the US Bear Stearns.