The Roosevelt administration creates the Home Owners' Loan Corp. to buy $3 billion in bad mortgages from banks and refinance them to homeowners to stem a rise in foreclosures. The government makes a small profit.
Congress and the Carter administration arrange for $1.2 billion in subsidized loans to bail out automaker Chrysler Corp. , then the nation's 10th-largest company. There ultimately was no significant cost to the government, since the loans were repaid.
Congress effectively takes over the ailing Continental Illinois National Bank and Trust , which failed with $40 billion of assets. The Federal Deposit Insurance Corp. injects $4.5 billion to buy bad loans.
Congress establishes the Resolution Trust Corp. to take over bad assets and make depositors whole. Resolving the S&L crisis takes six years and $125 billion in taxpayer money — roughly equal to $200 billion in today's dollars.
Federal regulators seize IndyMac Bank 's assets after the mortgage lender succumbs to the pressures of tighter credit, falling home prices and rising foreclosures. The Federal Deposit Insurance Corp. says it will cost about $8.9 billion out of its $53 billion insurance fund.
The Treasury Department seizes teetering mortgage finance institutions Fannie Mae and Freddie Mac , temporarily putting them in a government conservatorship with plans to inject up to $100 billion into each.
The Bush administration announces a ($700 billion) plan to let the government buy hundreds of billions of dollars of bad mortgages and other forms of toxic debt that have been weighing down U.S. financial companies.