Collapse of subprime mortgage securitization: CDO failures and CDS disputes (2007–2009)

1. ABX.HE index launches, enabling subprime hedging

   Jan 17, 2006Labels: ABX HE, Markit, CDS IndexCo

   • BIS QRT
   • ABX Index

2. Bear Stearns blocks redemptions at subprime funds

   Jun 7, 2007Labels: Bear Stearns, High-Grade Fund

   • CRS Report
   • SEC Release

3. Mass RMBS downgrades begin, pressuring CDOs

   Jul 10, 2007Labels: Moody's, S&P, RMBS downgrades

   • CNBC
   • CNNMoney

4. Bear Stearns subprime funds file for bankruptcy

   Aug 1, 2007Labels: Bear Stearns, bankruptcy

   • CRS Report
   • SEC Release

5. BNP Paribas freezes funds, money markets seize

   Aug 9, 2007Labels: BNP Paribas, investment funds

   • Forbes

6. SEC charges Bear Stearns fund managers

   Jun 19, 2008Labels: SEC, Bear Stearns

   • SEC Release

7. Lehman bankruptcy triggers major CDS settlement process

   Sep 15, 2008Labels: Lehman Brothers, CDS market

   • ISDA Lehman

8. AIG bailout follows CDS collateral pressure

   Sep 16, 2008Labels: AIG, Federal Reserve

   • Fed Background
   • Fed MPR

9. ISDA opens Lehman CDS Protocol for settlement

   Oct 6, 2008Labels: ISDA, Lehman Protocol

   • ISDA Lehman

10. Lehman CDS auction sets very low recovery price

    Oct 10, 2008Labels: Lehman auction, ISDA

    • ISDA Lehman
    • TheStreet

11. Citi commits to wind down SIVs and buy assets

    Nov 19, 2008Labels: Citigroup, SIVs

    • InvestmentExec

12. Federal Reserve creates TALF to revive securitization

    Nov 25, 2008Labels: Federal Reserve, TALF

    • Fed TALF

13. TALF begins operations as markets stabilize

    Mar 1, 2009Labels: TALF operations, Federal Reserve

    • NY Fed TALF
    • Fed TALF

14. ISDA Big Bang reforms standardize CDS decisions

    Apr 8, 2009Labels: ISDA Big, Determinations Committee

    • ISDA Big Bang