Ndic liquidates 425 banks others

You're referring to the 2008 global financial crisis and the subsequent actions taken by the US government to stabilize the financial system.

In September 2008, the US government took control of Fannie Mae and Freddie Mac, two government-sponsored enterprises (GSEs) that played a crucial role in the housing market. This move was seen as a necessary step to prevent a complete collapse of the financial system.

In addition to taking control of Fannie and Freddie, the government also implemented a number of other measures to stabilize the financial system, including:

  1. The Troubled Asset Relief Program (TARP): This program was established to purchase or insure up to $700 billion in troubled assets, such as mortgage-backed securities, from banks and other financial institutions.
  2. The Federal Reserve's quantitative easing programs: The Fed implemented a series of quantitative easing programs, which involved buying large quantities of Treasury bonds and mortgage-backed securities to inject liquidity into the financial system and lower long-term interest rates.
  3. The Dodd-Frank Wall Street Reform and Consumer Protection Act: This law was passed in 2010 to regulate the financial industry and prevent future crises. It introduced a number of reforms, including stricter capital requirements for banks, increased oversight of derivatives, and the creation of the Consumer Financial Protection Bureau.

As for the number of banks that failed during this period, according to the Federal Deposit Insurance Corporation (FDIC), a total of 465 banks failed between 2008 and 2012. However, it's worth noting that many of these failures were small, community banks that were heavily exposed to the housing market and were unable to recover from the crisis.

Here's a breakdown of the number of bank failures by year:

It's worth noting that while many banks failed during this period, the US financial system as a whole was able to withstand the crisis and recover relatively quickly. The government's actions, including the TARP program and the Fed's quantitative easing programs, helped to stabilize the financial system and prevent a complete collapse.