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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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Meltdown

Meltdown

Chapter:
(p.99) 5 Meltdown
Source:
The Subprime Virus
Author(s):

Kathleen C. Engel

Patricia A. McCoy

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780195388824.003.0005

This chapter details events in 2008 as the subprime crisis unfolded. These include the placement of Fannie Mae and Freddie Mac into conservatorship; the collapse of Lehman Brothers, which sent worldwide markets into a panic; enactment of the Emergency Economic Stabilization Act of 2008 (EESA), which included the $700 billion Troubled Asset Relief Program (TARP) that allowed Treasury to buy toxic assets from banks; and efforts of world leaders to gird the world economy.

Keywords:   Fannie Mae, Freddie Mac, conservatorship, government-sponsored entities, Emergency Economic Stabilization Act of 2008, Troubled Asset Relief Program, TARP, Lehman Brothers

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