2 of 5
BACKNEXT
Spring/Summer 2007 - Cracks appear
Spring/Summer 2007 - Cracks appear
A foreclosure sign sits in front of a home in Miami, Fla., March 27, 2007.
The war still tops the political agenda, but problems in the subprime mortgage market are emerging. The hope is that they won't spread to the rest of the economy.

April 2 - New Century Financial, the nation's largest subprime mortgage lender, files for bankruptcy.

July 17 - Investors are told two Bear Stearns hedge funds, heavy into mortgage-backed securities, are now worth nothing.

Aug. 10 - The Federal Reserve injects $38 billion into the banking system as fears of a freeze-up in the credit markets mount.

Aug. 22 - Countrywide Financial, a big mortgage lender, sells $2 billion in stock to Bank of America to raise cash as borrowers default on subprime mortgages.

Candidates focus on Iraq, healthcare, and taxes in campaign speeches.

A CNN poll shows voters see the war in Iraq as Issue #1 (31%), followed by the economy (23%), healthcare (17%) and terrorism (10%).

NEXT: Summer/Fall 2007 - The deluge begins

Last updated November 03 2008: 2:44 PM ET
More Galleries
RadioShack: 94 years of hits and misses The electronic giant's road to ruin is littered with 8-tracks, CD payers, pagers and many, many calculators. More
The best TV deals for the Super Bowl Want a new TV for the Super Bowl? Some great deals make now the time to buy. More
Top-paying jobs Orthopedic surgeons take home a median $410,000 in salary and bonus annually. What other great careers from CNNMoney and PayScale.com's list of Best Jobs in America offer hefty paychecks? More

Special Offer

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.