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The Subprime VirusReckless Credit, Regulatory Failure, and Next Steps$
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Kathleen C. Engel and Patricia A. McCoy

Print publication date: 2011

Print ISBN-13: 9780195388824

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780195388824.001.0001

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(p.99) 5 Meltdown
The Subprime Virus

Kathleen C. Engel

Patricia A. McCoy

Oxford University Press

This chapter details events in 2008 as the subprime crisis unfolded. These include the placement of Fannie Mae and Freddie Mac into conservatorship; the collapse of Lehman Brothers, which sent worldwide markets into a panic; enactment of the Emergency Economic Stabilization Act of 2008 (EESA), which included the $700 billion Troubled Asset Relief Program (TARP) that allowed Treasury to buy toxic assets from banks; and efforts of world leaders to gird the world economy.

Keywords:   Fannie Mae, Freddie Mac, conservatorship, government-sponsored entities, Emergency Economic Stabilization Act of 2008, Troubled Asset Relief Program, TARP, Lehman Brothers

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