Lenders began foreclosing houses, totaling to 2.3 million by 2008.
The U.S. housing market reached its high point, meaning that many Americans had houses they could not actually afford.
National Bureau of Economic Research announced in December 2008 that the U.S. had been in a recession starting December 2007.
The U.S. government took control of mortgage companies Fannie Mae and Freddie Mac, which held about half of the country's mortgages.
Bank of America bought Merrill Lynch, Barclays bought Lehman Brothers, Goldman Sachs and Morgan Stanley became bank holding companies, Wells Fargo beat out Citibank and bought Wachovia, Citibank got an extra bailout, Citigroup and Morgan Stanley merged, and AIG received four extra bailouts from the government.
After the bailout bill went through the House and Senate, President George W. Bush signed it.
President Barack Obama signed the package to revitalize the economy.
DOW reached the current market low of 6,440.
The Bureau of Labor Statistics Unemployment report showed 8.5% of Americans out of work.
DOW reached over 10,000 for the first time in over a year.
The Bureau of Economic Analysis reported that U.S. GDP grew at an annual rate of 3.5% in the third quarter, showing the recession is technically likely over.