Feb. 13

US president Bush signs stimulus package which aims to avoid economic recession.

Feb. 12

The US government and six of the nation's largest mortgage lenders launch a 'Project Lifeline' to help troubled homeowners, and avoid severe social or economic problems.

2007

Nov. 14

Citigroup CEO Charles Prince resigns from the major American financial services company.

Nov. 1

Merrill Lynch CEO Stanley O'Neal leaves the company, a global financial services firm, after being criticized for the way he handled the subprime crisis, and thus becomes the first CEO in Wall Street to be out of work due to the subprime crisis.

Sept. 18

The United States Federal Reserve announces it will cut the interest rate by half a percentage point in response to the worsening subprime crisis and possible economic recession. The move is followed by a series of interest rate cuts.

Aug. 30

To avoid deterioration of the subprime crisis, the United States Federal Reserve injects more capital into its financing system, which amounts to 147.25 billion US dollars between August 9 and 30.

Aug. 15

Wall Street plunges dramatically and the S&P 500 index loses all the gains of the previous eight months. The Dow Jones drops below 13,000 points.

Aug. 9

France's BNP Paribas announces trade suspension on three funds as a result of exposure to US subprime mortgage lending markets.

European Central Bank injects 94.8 billion euro to banks in the Eurozone, after Europe is affected by the US subprime crisis.

Aug. 6

American Home Mortgage Investment Corporation, the 10th largest retail mortgage lender in the United States, files for bankruptcy protection.

April 27

Shares of New Century Financial Corporation are delisted by New York Stock Exchange.

April 2

New Century Financial Corporation, the 2nd biggest subprime mortgage lender in the United States, files voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court.

(Agencies via China.org.cn, November 12, 2008)