6 Financial Crisis Timeline 2008 January 11: Bank of America purchase of Countrywide for $4 Billion February: ARS failures; market freezes March 16: Bear Stearns acquired by JP Morgan July 11: Indymac Bank goes into receiverships of the FDIC by the OTS September 7: FNMA and FHLMC into conservatorship September 14: Merrill Lynch sold to Bank of America September 15: Lehman files for Chapter 11 bankruptcy September 16: Reserve Fund breaks the buck triggered by Lehman exposure September 16: Moody's and S&P downgrade AIG September 19: Treasury Department creates the Guarantee Program for Money Market Funds September 25: WAMU sold to JP Morgan October 12: Treasury Department creates TARP Source: St Louis Fed
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