Bailout Timeline: Another Day, Another Bailout
In September 2008, the mounting subprime crisis finally burst into a full-blown financial crisis, leading to the collapse of a number of major financial institutions. In response, the Treasury Department has deployed hundreds of billions in taxpayer dollars.
To shore up the collapsing Fannie Mae and Freddie Mac, the Treasury placed them under conservatorship. Soon after, the Emergency Economic Stabilization Act of 2008 provided the Treasury Department with $700 billion to shore up the broader financial system.
To see the latest updates to the site database, click here.
2022
August (list)
- Refunds: 1 payment for $1.07M
July (list)
May (list)
- Bailouts: 1 payment for $16.9K
- Revenue: 2 payments for $23.8K
February (list)
- Revenue: 2 payments for $23.8K
2021
December (list)
August (list)
- Bailouts: 1 payment for $15.5K
- Revenue: 2 payments for $23.8K
May (list)
- Revenue: 3 payments for $295K
February (list)
- Revenue: 2 payments for $23.8K
2020
November (list)
- Revenue: 2 payments for $23.8K
August (list)
- Revenue: 2 payments for $23.8K
June (list)
- Refunds: 1 payment for $145K
- Revenue: 1 payment for $910
May (list)
- Bailouts: 1 payment for $190K
- Revenue: 3 payments for $27.1K
February (list)
- Bailouts: 1 payment for $8.1K
- Refunds: 1 payment for $2.24M
- Revenue: 3 payments for $75.8K
January (list)
- Bailouts: 1 payment for $5K
- Revenue: 2 payments for $129K
2019
November (list)
- Revenue: 3 payments for $77.5K
October (list)
- Refunds: 1 payment for $325K
- Revenue: 1 payment for $5K
September (list)
- Bailouts: 2 payments for $124K
- Refunds: 1 payment for $32.1M
August (list)
- Revenue: 3 payments for $77.5K
July (list)
- Bailouts: 1 payment for $20K
- Refunds: 1 payment for $40.4M
June (list)
- Revenue: 2 payments for $4.03B
May (list)
- Refunds: 1 payment for $3.5M
- Revenue: 4 payments for $84.8K
April (list)
- Bailouts: 1 payment for $25.8K
- Refunds: 2 payments for $6.32M
- Revenue: 2 payments for $91.1K
February (list)
- Revenue: 7 payments for $4.72B
January (list)
- Bailouts: 5 payments for $1.67M
- Refunds: 3 payments for $1.28M
- Revenue: 2 payments for $4.3K
2018
December (list)
- Revenue: 4 payments for $6.53B
November (list)
- Refunds: 1 payment for $1M
- Revenue: 9 payments for $193K
October (list)
- Refunds: 4 payments for $12.2M
- Revenue: 4 payments for $102K
September (list)
- Refunds: 2 payments for $2.66M
- Revenue: 4 payments for $6.04B
August (list)
- Refunds: 2 payments for $10.4M
- Revenue: 13 payments for $169K
July (list)
- Refunds: 1 payment for $3.52M
- Revenue: 1 payment for $405K
June (list)
- Bailouts: 1 payment for $15K
- Refunds: 1 payment for $350K
- Revenue: 2 payments for $938M
May (list)
- Refunds: 1 payment for $700K
- Revenue: 15 payments for $5.87M
April (list)
- Refunds: 3 payments for $12M
- Revenue: 3 payments for $46.3K
March (list)
- Bailouts: 1 payment for $110K
- Refunds: 1 payment for $12.9M
- Revenue: 1 payment for $1.76M
February (list)
- Refunds: 1 payment for $87K
- Revenue: 18 payments for $253K
January (list)
- Bailouts: 5 payments for $4B
- Refunds: 2 payments for $3.1M
- Revenue: 3 payments for $194K
2017
December (list)
- Revenue: 5 payments for $2.9B
November (list)
- Revenue: 20 payments for $325K
October (list)
- Bailouts: 1 payment for $51.5K
- Refunds: 2 payments for $8.34M
- Revenue: 1 payment for $20.3K
September (list)
- Refunds: 3 payments for $12.5M
- Revenue: 5 payments for $5.11B
August (list)
- Refunds: 2 payments for $10.4M
- Revenue: 25 payments for $459K
July (list)
- Bailouts: 1 payment for $30.8K
- Refunds: 1 payment for $100K
- Revenue: 1 payment for $390
June (list)
- Bailouts: 1 payment for $5.9K
- Refunds: 1 payment for $2.71M
- Revenue: 3 payments for $5.01B
May (list)
- Refunds: 3 payments for $62M
- Revenue: 27 payments for $491K
April (list)
- Refunds: 1 payment for $1.55M
- Revenue: 2 payments for $97.3K
March (list)
- Refunds: 1 payment for $5.46M
- Revenue: 3 payments for $9.95B
February (list)
- Bailouts: 1 payment for $3.58M
- Refunds: 1 payment for $4.8M
- Revenue: 27 payments for $530K
January (list)
- Bailouts: 2 payments for $408K
- Refunds: 3 payments for $4.25M
- Revenue: 3 payments for $15K
2016
December (list)
- Bailouts: 1 payment for $477K
- Refunds: 22 payments for $85.9M
- Revenue: 22 payments for $5.29B
November (list)
- Bailouts: 1 payment for $20K
- Refunds: 6 payments for $56.6M
- Revenue: 52 payments for $1.32M
October (list)
- Bailouts: 1 payment for $4.17M
- Refunds: 4 payments for $162M
- Revenue: 4 payments for $595K
September (list)
- Bailouts: 1 payment for $20K
- Revenue: 4 payments for $3.8B
August (list)
- Refunds: 1 payment for $2.96M
- Revenue: 53 payments for $5.08M
July (list)
- Bailouts: 1 payment for $115K
- Refunds: 1 payment for $8.98M
June (list)
- Bailouts: 3 payments for $146M
- Refunds: 4 payments for $11.3M
- Revenue: 2 payments for $919M
May (list)
- Bailouts: 1 payment for $584K
- Revenue: 56 payments for $2.17M
April (list)
- Bailouts: 20 payments for $1.86B
- Refunds: 1 payment for $129K
March (list)
- Bailouts: 2 payments for $40K
- Refunds: 4 payments for $15.2M
- Revenue: 7 payments for $4.6B
February (list)
- Bailouts: 1 payment for $395K
- Refunds: 1 payment for $1.04M
- Revenue: 59 payments for $4.6M
January (list)
- Refunds: 1 payment for $4.55M
- Revenue: 1 payment for $18.2K
2015
December (list)
- Refunds: 3 payments for $4.99M
- Revenue: 4 payments for $2.2B
November (list)
- Refunds: 3 payments for $5.08M
- Revenue: 60 payments for $2.28M
October (list)
- Refunds: 2 payments for $2.47M
- Revenue: 2 payments for $4.7K
September (list)
- Refunds: 3 payments for $10.9M
- Revenue: 7 payments for $8.37B
August (list)
- Refunds: 3 payments for $8.26M
- Revenue: 65 payments for $5.64M
July (list)
- Refunds: 3 payments for $28.4M
- Revenue: 7 payments for $8.75M
June (list)
- Bailouts: 1 payment for $60K
- Refunds: 5 payments for $13.6M
- Revenue: 10 payments for $2.54B
May (list)
- Bailouts: 1 payment for $40K
- Refunds: 1 payment for $8.33M
- Revenue: 85 payments for $78.4M
April (list)
- Bailouts: 2 payments for $879K
- Refunds: 1 payment for $19.8M
- Revenue: 3 payments for $8.23M
March (list)
- Bailouts: 2 payments for $307K
- Refunds: 2 payments for $40.8M
- Revenue: 4 payments for $2.78B
February (list)
- Refunds: 2 payments for $4.36M
- Revenue: 70 payments for $2.91M
January (list)
- Bailouts: 1 payment for $156M
- Refunds: 3 payments for $1.28B
- Revenue: 6 payments for $321K
2014
December (list)
- Bailouts: 1 payment for $16.3K
- Refunds: 11 payments for $66.2M
- Revenue: 15 payments for $6.79B
November (list)
- Refunds: 1 payment for $2.1M
- Revenue: 75 payments for $3.77M
October (list)
- Refunds: 3 payments for $16.8M
- Revenue: 5 payments for $17.4M
September (list)
- Bailouts: 1 payment for $48.2K
- Refunds: 2 payments for $221M
- Revenue: 7 payments for $5.61B
August (list)
- Bailouts: 1 payment for $7.6M
- Refunds: 1 payment for $22.5M
- Revenue: 77 payments for $23.8M
July (list)
- Bailouts: 2 payments for $76K
- Refunds: 14 payments for $1.01B
- Revenue: 16 payments for $50.3M
June (list)
- Refunds: 3 payments for $11.9M
- Revenue: 12 payments for $10.2B
May (list)
- Bailouts: 3 payments for $419K
- Refunds: 3 payments for $192M
- Revenue: 82 payments for $34.3M
April (list)
- Refunds: 19 payments for $2.47B
- Revenue: 24 payments for $20.5M
March (list)
- Bailouts: 1 payment for $309K
- Refunds: 10 payments for $48.8M
- Revenue: 21 payments for $17.6B
February (list)
- Bailouts: 1 payment for $150K
- Refunds: 10 payments for $62.2M
- Revenue: 100 payments for $26.1M
January (list)
- Bailouts: 1 payment for $409K
- Refunds: 5 payments for $3.03B
- Revenue: 6 payments for $34.6M
2013
December (list)
- Bailouts: 3 payments for $92.7K
- Refunds: 4 payments for $1.22B
- Revenue: 18 payments for $39.1B
November (list)
- Bailouts: 1 payment for $30K
- Refunds: 13 payments for $8.57B
- Revenue: 107 payments for $163M
October (list)
- Bailouts: 1 payment for $5.45M
- Refunds: 17 payments for $86.9M
- Revenue: 20 payments for $5.81M
September (list)
- Refunds: 18 payments for $4.09B
- Revenue: 20 payments for $14.7B
August (list)
- Refunds: 16 payments for $323M
- Revenue: 131 payments for $246M
July (list)
- Bailouts: 2 payments for $110K
- Refunds: 15 payments for $1.33B
- Revenue: 36 payments for $119M
June (list)
- Bailouts: 1 payment for $11.3K
- Refunds: 14 payments for $1.16B
- Revenue: 48 payments for $66.6B
May (list)
- Bailouts: 1 payment for $60K
- Refunds: 12 payments for $574M
- Revenue: 145 payments for $285M
April (list)
- Refunds: 19 payments for $2.25B
- Revenue: 35 payments for $346M
March (list)
- Bailouts: 1 payment for $13.4M
- Refunds: 24 payments for $943M
- Revenue: 35 payments for $11B
February (list)
- Bailouts: 1 payment for $627K
- Refunds: 30 payments for $1.45B
- Revenue: 179 payments for $1.53B
January (list)
- Bailouts: 1 payment for $100M
- Refunds: 18 payments for $1.7B
- Revenue: 22 payments for $53.8M
2012
December (list)
- Bailouts: 1 payment for $70K
- Refunds: 40 payments for $10.4B
- Revenue: 70 payments for $9.87B
November (list)
- Bailouts: 1 payment for $2.37M
- Refunds: 50 payments for $2.04B
- Revenue: 268 payments for $661M
October (list)
- Refunds: 26 payments for $2.27B
- Revenue: 17 payments for $196M
September (list)
- Refunds: 29 payments for $23.2B
- Revenue: 38 payments for $4.96B
August (list)
- Refunds: 27 payments for $8.76B
- Revenue: 275 payments for $360M
July (list)
- Refunds: 25 payments for $1.74B
- Revenue: 58 payments for $124M
June (list)
- Bailouts: 1 payment for $18.6M
- Refunds: 27 payments for $1.25B
- Revenue: 33 payments for $4.77B
May (list)
- Bailouts: 1 payment for $19M
- Refunds: 10 payments for $6.64B
- Revenue: 285 payments for $293M
April (list)
- Refunds: 12 payments for $3.66B
- Revenue: 38 payments for $135M
March (list)
- Bailouts: 2 payments for $146M
- Refunds: 28 payments for $16.9B
- Revenue: 28 payments for $4.71B
February (list)
- Bailouts: 1 payment for $4.57B
- Refunds: 6 payments for $297M
- Revenue: 299 payments for $414M
January (list)
- Refunds: 9 payments for $470M
- Revenue: 24 payments for $53.5M
2011
December (list)
- Bailouts: 1 payment for $97.7M
- Refunds: 14 payments for $306M
- Revenue: 27 payments for $4.3B
November (list)
- Bailouts: 2 payments for $13.8B
- Refunds: 5 payments for $1.19B
- Revenue: 343 payments for $352M
October (list)
- Refunds: 8 payments for $66.1M
- Revenue: 32 payments for $108M
September (list)
- Bailouts: 2 payments for $1.4M
- Refunds: 85 payments for $1.76B
- Revenue: 157 payments for $4.23B
August (list)
- Bailouts: 2 payments for $6.57B
- Refunds: 48 payments for $2.87B
- Revenue: 496 payments for $385M
July (list)
- Bailouts: 1 payment for $9.74M
- Refunds: 40 payments for $2.34B
- Revenue: 77 payments for $730M
June (list)
- Refunds: 9 payments for $457M
- Revenue: 26 payments for $3.97B
May (list)
- Bailouts: 2 payments for $8.51B
- Refunds: 11 payments for $11.8B
- Revenue: 483 payments for $1.39B
April (list)
- Bailouts: 4 payments for $3.7M
- Refunds: 9 payments for $608M
- Revenue: 25 payments for $224M
March (list)
- Refunds: 19 payments for $17.4B
- Revenue: 34 payments for $4.5B
February (list)
- Bailouts: 2 payments for $3.1B
- Refunds: 12 payments for $5.81B
- Revenue: 503 payments for $585M
January (list)
- Bailouts: 1 payment for $100K
- Refunds: 7 payments for $125M
- Revenue: 29 payments for $463M
Jan 14:
AIG Repayment Plan Executed
In a complex transaction, AIG paid off its outstanding debt to the Fed with the help of the Treasury, which took a large stake in AIG as compensation.
2010
December (list)
- Bailouts: 2 payments for $7.6M
- Refunds: 24 payments for $14.2B
- Revenue: 47 payments for $11.1B
November (list)
- Bailouts: 2 payments for $2.6B
- Refunds: 7 payments for $13.7B
- Revenue: 546 payments for $735M
October (list)
- Refunds: 3 payments for $113M
- Revenue: 19 payments for $53M
September (list)
- Bailouts: 137 payments for $6.68B
- Refunds: 5 payments for $6.1B
- Revenue: 55 payments for $7.26B
August (list)
- Bailouts: 10 payments for $3.93B
- Refunds: 4 payments for $142M
- Revenue: 509 payments for $665M
July (list)
- Bailouts: 1 payment for $10.2M
- Refunds: 3 payments for $419M
- Revenue: 22 payments for $250M
June (list)
- Bailouts: 6 payments for $1.52B
- Refunds: 6 payments for $5.45B
- Revenue: 30 payments for $3.53B
May (list)
- Bailouts: 3 payments for $19B
- Refunds: 3 payments for $8.09B
- Revenue: 550 payments for $1.75B
April (list)
- Bailouts: 2 payments for $748K
- Refunds: 8 payments for $6.13B
- Revenue: 30 payments for $612M
March (list)
- Bailouts: 3 payments for $31M
- Refunds: 9 payments for $7.21B
- Revenue: 10 payments for $4.54B
February (list)
- Bailouts: 2 payments for $16.1B
- Refunds: 7 payments for $8B
- Revenue: 584 payments for $758M
January (list)
- Bailouts: 5 payments for $455M
- Refunds: 7 payments for $449M
- Revenue: 23 payments for $127M
2009
December (list)
- Bailouts: 53 payments for $7.47B
- Refunds: 15 payments for $91.9B
- Revenue: 42 payments for $4.44B
Dec 1:
AIG and Fed Strike Deal to Reduce AIG Debt
AIG announces that it has completed two deals that, together, shave $25 billion off its tab to the Federal Reserve Bank of New York, bringing the combined total it owes the Fed and the Treasury to about $62 billion.
Dec 23:
Citigroup Returns $20 Billion
Citigroup repays $20 billion to the Treasury.
Dec 23:
Citi Also Terminates its Loss-Share Agreement
Citi's $5 billion loss-share agreement with the Treasury is terminated. The Treasury still retains the common stock it received in exchanged for its $25 billion investment, so, together with the $20 billion reimbursement, the total outstanding aid falls to $25 billion from $50 billion.
Dec 9:
Bank of America Repays $45 Billion
Bank of America returns all $45 billion to the Treasury.
Dec 23:
Wells Fargo Returns $25 Billion
Wells Fargo returns all $25 billion.
Dec 24:
Treasury Removes $400 Billion Cap on Fannie, Freddie Aid
The Treasury says that in order to preserve "the continued strength and stability of the mortgage market," it is removing the $400 billion cap ($200 billion for each) the Treasury Department placed on the aid earlier in 2009. For the next three years, the Treasury will cover Fannie and Freddie's losses, no matter how large.
November (list)
- Bailouts: 18 payments for $18.4B
- Refunds: 10 payments for $369M
- Revenue: 596 payments for $1.89B
Nov 4:
Fannie Mae Asks for $15 Billion More
Fannie Mae reports a $18.9 billion billion loss for the third quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $15 billion from the Treasury.
Nov 1:
CIT Files for Bankruptcy, $2.3 Billion Lost
CIT files for bankruptcy protection. A $2.33 billion TARP investment is wiped out.
October (list)
- Bailouts: 19 payments for $12.6B
- Refunds: 3 payments for $88.4M
- Revenue: 12 payments for $609M
Oct 22:
TARP Chief for Exec Compensation Releases Findings
The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.
September (list)
- Bailouts: 31 payments for $2.79B
- Refunds: 7 payments for $404M
- Revenue: 17 payments for $2.6B
August (list)
- Bailouts: 18 payments for $13.2B
- Refunds: 3 payments for $140M
- Revenue: 598 payments for $3.03B
Aug 6:
Fannie Mae Asks for $10.7 Billion More
Fannie Mae reports a $14.8 billion billion loss for the second quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $10.7 billion from the Treasury.
July (list)
- Bailouts: 27 payments for $10.2B
- Refunds: 5 payments for $2.19B
- Revenue: 17 payments for $2.58B
Jul 8:
Treasury Launches Toxic Securities Program
Jul 10:
New GM Begins Operations
GM announces that its purchase of the company's good assets (and shedding of the bad) has been finalized and that it can begin operations as a new company.
Jul 30:
Treasury Completes Exchange of Citigroup Shares
On July 23 and July 30, Treasury exchanged a total of $25 billion of its preferred shares in Citigroup for common stock. As a result, the Treasury owns 7.7 billion shares of Citi's common stock, a 34% stake in the company.
June (list)
- Bailouts: 43 payments for $27.5B
- Refunds: 12 payments for $68.4B
- Revenue: 27 payments for $2.31B
Jun 3:
Part of Toxic Asset Program Indefinitely Delayed
FDIC chief Sheila Bair announces that the banks have been so successful in raising private capital that there is no longer sufficient interest in a plan to purchase their troubled loans. The loan program comprises one-half of the Public-Private Investment Program; the other, to buy banks' asset-backed securities, is still in development.
Jun 9:
Treasury Approves 10 Banks to Repay $68 Billion
The Treasury Department announces that it has approved 10 banks to repay their TARP funds. The banks are JPMorgan Chase, Goldman Sachs, Morgan Stanley, U.S. Bank, Northern Trust, Capital One, BB&T, American Express, Bank of New York Mellon, and State Street. You can see a complete list of the banks that have repaid their TARP funds here.
Jun 1:
GM Files for Bankruptcy Protection
GM files for Chapter 11 bankruptcy. As part of the restructuring, the U.S. government agrees to provide the company up to $30.1 billion more. In exchange, the U.S. will receive a 60 percent stake in the company when it emerges from bankruptcy.
Jun 10:
Chrysler Finalizes Deal with Fiat, Begins Operations as New Company
The new Chrysler announces that it has finalized its alliance with Fiat, and that the new company will begin operations immediately. On June 29, seven Chrysler plants resumed production. Most manufacturing operations had been idle since early May.
May (list)
- Bailouts: 57 payments for $48.2B
- Refunds: 9 payments for $735M
- Revenue: 565 payments for $5.92B
May 7:
Federal releases the results of its stress tests
According to the results of the Federal Reserve's "stress tests," 10 of the 19 largest banks will have to raise a total of $74.6 billion in additional capital to withstand a dire economic scenario. Ultimately, all of the banks raise the money privately, with the exception of GMAC.
May 8:
Fannie Mae Asks for $19 Billion More
Fannie Mae reports a $23.2 billion loss for the first quarter of 2009. To fill the holes of its losses, the Federal Housing Finance Agency requests $19 billion from the Treasury.
May 12:
Freddie Mac Asks for $6.1 Billion More
Freddie Mac reports a $9.9 billion net loss for the first quarter of 2009. To fill the hole of its losses, the Federal Housing Finance Agency requests $6.1 billion from the Treasury, bringing the total bailout to $50.7 billion.
April (list)
- Bailouts: 50 payments for $26.1B
- Refunds: 6 payments for $684M
- Revenue: 2 payments for $995K
Apr 20:
Treasury Trims AIG Aid to Recoup Bonus Payments
AIG and the Treasury Department finalize the agreement to provide AIG up to $30 billion more, but the Treasury trims $165 million from the additional aid and charges a fee for the same amount to recoup the bonuses paid to AIG employees in March.
Apr 30:
Chrysler Files for Bankruptcy Protection
Chrysler files for bankruptcy protection, and as part of the restructuring, the Treasury Department agrees to loan Chrysler up to $8 billion more. The Treasury will get an eight percent stake in the company.
March (list)
- Bailouts: 68 payments for $77.8B
- Refunds: 5 payments for $353M
- Revenue: 2 payments for $395M
Mar 2:
Fourth AIG Bailout
The government restructures its bailout of AIG for the third time. Treasury says it might invest up to $30 billion more. Together, the Fed's and Treasury's commitments add up to $180 billion.
Mar 3:
Fed Launches TALF
The Fed and Treasury announce the launch of the TALF.
Mar 4:
Administration Launches Homeowner Bailout
The Treasury launches its plan to promote mortgage loan modifications and pledges to spend $75 billion on the effort.
Mar 11:
Freddie Mac Asks for $30.8 Billion More
Freddie Mac reports a $23.9 billion net loss for the fourth quarter of 2008 and net losses for 2008 totaling $50.1 billion. To fill the hole of its losses, the Federal Housing Finance Agency requests $30.8 billion from the Treasury, bringing the total bailout to $44.6 billion.
Mar 15:
AIG Pays Out Bonuses to Execs
AIG pays out $165 million in retention bonuses to executives who work in the business unit that was primarily responsible for sinking the company.
Mar 16:
Treasury Announces Small Biz Program
The Treasury announces a program to spur credit markets for small businesses by purchasing up to $15 billion in securities backed by Small Business Administration loans. The program never gets off the ground.
Mar 19:
Treasury Announces Auto Parts Program
The Treasury announces the Auto Supplier Support Program, a plan to provide up to $5 billion in financing to auto parts suppliers. (More about the program here.)
Mar 23:
Treasury Announces Toxic Asset Program
Treasury Secretary Geithner rolls out the administration's plan to use government capital and financing to team with private investors to buy up toxic assets. Between $75 billion to $100 billion will be dedicated to the effort. (More about the program here.)
February (list)
- Bailouts: 109 payments for $31.3B
Feb 10:
Geithner Pitches New Bailout Plan
Geithner rolls out the Financial Stability Plan. Geithner promises to perform "stress tests" on the nation's biggest banks to determine their health and the necessity of more government investments, announces that the government will form some sort of public-private partnership to buy troubled assets from the banks, says he'll commit an additional $100 billion to boost the TALF and promises the administration will soon introduce its foreclosure prevention plan.
Feb 17:
Stimulus Bill Passes, Limiting Exec Bonuses
President Obama signs the American Recovery and Reinvestment Act of 2009, which includes a section limiting the bonuses of the highest earning executives at firms that received bailout money.
Feb 18:
Rollout of Mortgage Rescue
The administration announces its broad plan to prevent foreclosures and promote mortgage loan modifications. (More about the program here.)
Feb 18:
Treasury Ups Limit for Fannie and Freddie to $200 Billion
Geithner announces that the Treasury is increasing its funding commitment to both Fannie and Freddie from $100 billion to $200 billion.
Feb 25:
Stress Tests Begin
Bank regulators begin their stress tests of the nationâs 19 largest banks and promise that they'll be finished by the end of April at the latest. Treasury officials explain that the tests will be used to determine how much more money the banks need to survive a steep economic downturn.
Feb 26:
Obama Administration Makes Room for $750 Billion More
The administration's budget blueprint suggests that the Treasury Department might need as much as $750 billion more to stabilize the financial sector.
Feb 26:
Fannie Mae Asks for $15.2 Billion
Fannie Mae reports a $25.2 billion loss for the fourth quarter of 2008 and losses for all of 2008 totaling $58.7 billion. To fill the holes of its losses, the Federal Housing Finance Agency requests $15.2 billion from the Treasury.
January (list)
- Bailouts: 150 payments for $43.3B
Jan 15:
Senate Votes to Release Second Half of Bailout Funds
Under the Emergency Economic Stabilization Act, Congress had the power to block the release of the second half of the $700 billion funding authorized by the bill. But after promises by the incoming administration about how it would spend the money, the Senate voted to allow access to the remaining $350 billion.
Jan 16:
Bank of America Bailed Out
The Treasury announces a deal with Bank of America similar to the Citi deal. It will invest $20 billion more in Bank of America; this is in addition to a $25 billion investment in October through the Capital Purchase Program. The government also agrees to help Bank of America absorb losses from a $118 billion pool of assets. That agreement, however, is never finalized.
Jan 20:
Barack Obama Takes Office
Obama is inaugurated as the 44th president.
Jan 26:
Geithner Takes Office
Timothy Geithner is sworn in as Secretary of the Treasury.
2008
December (list)
- Bailouts: 166 payments for $65.4B
- Revenue: 1 payment for $172M
Dec 19:
Auto Bailout Announced
The Treasury announces that it will make loans to General Motors and Chrysler to prevent bankruptcy. (More about the auto bailout here.)
November (list)
- Bailouts: 46 payments for $90.3B
Nov 10:
Third AIG Bailout
The government restructures its bailout of AIG for the second time. Treasury invests $40 billion in AIG as part of the governmentâs now-$150 billion effort to keep AIG from collapsing.
Nov 12:
Paulson Scraps Original Bailout Plan
Paulson announces that he's scrapping the plan to purchase troubled assets. The capital investments in the banks proved to be a "more powerful" means of boosting the financial system, he said.
Nov 14:
Freddie Mac Asks for $13.8 Billion
Freddie Mac reports a net loss of $25.3 billion for the third quarter of 2008. To fill the hole of its losses, the Federal Housing Finance Agency requests $13.8 billion from the Treasury.
Nov 23:
Citigroup Bailed Out
The Treasury announces that it will invest $20 billion more in Citigroup; this is in addition to a $25 billion investment in October through the Capital Purchase Program. The government also agrees to use up to $5 billion to help Citi absorb losses from a $301 billion pool of assets.
Nov 25:
Fed and Treasury Roll Out Program to Spur Lending (TALF)
The Treasury and Fed announce the Term Asset-Backed Securities Loan Facility (TALF), a Fed program that will lend up to $200 billion to owners of highly rated asset-backed securities in order to spur consumer lending. Treasury puts up $20 billion to support the effort. (More about the program here.)
October (list)
- Bailouts: 8 payments for $115B
Oct 1:
The Senate Passes TARP
The Senate passes a revised version of the bill, stuffed with tax breaks.
Oct 3:
The House Passes TARP
The House passes the bill, and the president signs the $700 billion Emergency Economic Stabilization Act into law.
Oct 8:
Second AIG Bailout
The government restructures its bailout of AIG. The insurer gets access to $37.8 billion more in loans.
Oct 14:
Paulson Rolls Out Bank Investments
The Treasury Department announces that it will invest up to $250 billion in the nation's banks via the Capital Purchase Program, a subcomponent of the TARP, and billed as investments in "healthy banks." Paulson announced nine major banks signed on for a total of $125 billion in investments. (More about the program here.)
Oct 3:
Wells Fargo Buys Wachovia
Wachovia, rejecting a previous proposal with Citigroup, agreed to merge with Wells Fargo for $15.4 billion
September (list)
Sep 7:
Government Rescues Fannie and Freddie
Fannie and Freddie are placed under the conservatorship of the Federal Housing Finance Agency. For each company, the current CEOs and board of directors are dismissed, and Treasury receives warrants for each representing 79.9 percent of the common stock. Under the terms of the rescue, the Treasury commits to invest up to $100 billion in each company to compensate for their losses.
Sep 15:
Lehman Goes Under
Lehman Brothers declares bankruptcy, accelerating the deterioration of the credit markets.
Sep 15:
Bank of America Gobbles Up Merrill
Bank of America announces it will buy Merrill Lynch.
Sep 16:
First AIG Bailout
With AIG collapsing, the Fed bails it out with access to an $85 billion credit line.
Sep 20:
Paulson Pitches TARP
Treasury Secretary Hank Paulson releases a three-page, $700 billion proposal to purchase troubled mortgage-related assets, called the Troubled Asset Relief Program.
Sep 25:
WaMu Collapses
Washington Mutual collapses and is acquired by JPMorgan Chase.
Sep 29:
The House Rejects TARP
The House votes down the administration's bailout proposal, which had been prepared in concert with congressional leaders.
July (list)
Jul 30:
Treasury Gets Authority to Rescue Fannie and Freddie
President Bush signs the Housing and Economic Recovery Act of 2008, which authorizes funds for a government rescue of Fannie Mae and Freddie Mac.
March (list)
Mar 14:
Fed Backs Sale of Bear Stearns
The Federal Reserve announces that it will provide $30 billion in financing to support JPMorgan Chaseâs acquisition of Bear Stearns.