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Headquarters growing mortgage problems of General Motors in the U.S. city of Detroit. This company was one of the hardest hit by the crisis. Early 2007: After a period of two years, that is, between 2004 and 2006, when the U.S. increased interest rates from 1 to 5.35 , the U.S. housing market began to suffer from falling prices and an increase of owners who could not repay their mortgages. The proportion of subprime loans that were paid, that is, high-risk loans to customers with poor or no cr history, rose to record levels. February: Defects in the subprime loan payments (mortgage lending to weak borrowers) increased in the United States and caused the first specialized bank failures. The Fed estimated losses in fifty million.February 8: HSBC issued a profit warning, (in Spanish the closest translation of this term is alert to the benefits) announcing that he had lost ten billion dollars, due to high-risk home loans that were not paid. March 14: The Mortgage Bankers Association revealed that the number of defaults in the mortgage industry in the U.S. (about six million contracts by 600,000 million) reached its highest point in seven years. April: The losses associated with subprime lending were quite significant. Some of the estimated 50,000 to 100,000 million. April 2: New Century Financial, which specializes in subprime mortgages, followed the Chapter 11 bankruptcy in the United States to the protection and cuts half its workforce. The fall of the subprime market began to have an impact on banks around the world. July: The crisis began to develop and expand in the world. The bags began to falter.Fed Chairman Ben Bernanke warned that the crisis in the United States removed could cost up to one hundred billion dollars (50.000 billion pounds). Due to failed speculation in the U.S. housing market, several German banks as Mittelstandsbank IKB, Sachsen LB, WestLB and BayernLB in crisis. July 18: The investment bank Bear Stearns announced that it will not profit from their investments in two of its hedge funds after other banks refused to help. Some European stock markets fell: the CAC 40 lost 1.69 and down about 6,000 points. In London, the Footsie index lost 1.38 at 6567 points. July 19: In New York, the Dow broke a record at over 14,000, and the stock market euphoria was all full.The Fed estimated at up to 72,000 million euro losses for subprime. July 26: Wall Street lost 2.26 , the London Stock Exchange, 3.15 , the Frankfurt Stock Exchange, 2, 39 , the Paris Bourse 2.78 and finally, the Tokyo Stock Exchange lost 2.36 the next day. August 1: European stock markets fell 2 . In Australia, Macquarie Bank had expected losses of up to 258 million for two of its funds. In the U.S., American Home Mortgage, a mortgage finance agency was not able to pay 300 million he owed. Aug. 6: American Home Mortgage, Home Bank and First Magnus Financial went bankrupt. The German investment company Frankfurt Trust froze the operation of one of its funds. in the morning, the Fed left its rate unchanged, saying that “cr problems and housing slump pose increasing risks to U.S. economy”

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