Nov 24 Report: 23% of Mortgaged Homes ‘Underwater’ The number of U.S. homes worth less than the mortgages owed on them reached 10.7 million, or 23 percent of all mortgaged homes, in the third quarter, according to a new report. Continue reading
Nov 17 TARP Watchdog: N.Y. Fed ‘Severely Limited’ Savings on AIG By Carolyn O'Hara The Federal Reserve Bank of New York ceded much of its negotiating power to AIG's trading partners during the insurance giant's rescue last year, according to a new report from the watchdog for the Troubled Asset Relief Fund. Continue reading
Nov 13 FDIC’s Bair on ‘Too Big to Fail,’ Lessons Learned By Carolyn O'Hara Tonight on the NewsHour, FDIC Director Sheila Bair weighs in on the state of the U.S. banking system. In a Web-exclusive excerpt, Bair speaks bluntly about the need to break up banks that are deemed "too big to fail."… Continue reading
Nov 02 CIT Bankruptcy Produces Winners and Losers CIT, a major lender to small U.S. businesses, filed on Sunday for one of the largest Chapter 11 bankruptcy protections in history. Continue reading
Oct 28 Bill: Biggest Firms Would Fund Future Rescues By Dave Gustafson The U.S. government would be given broad new powers to shrink financial firms deemed "too big to fail" and shift the cost of rescuing troubled companies from taxpayers to other large firms, according to draft legislation released Tuesday. Continue reading
Oct 21 Obama: Small Businesses to Be Offered TARP Help By Carolyn O'Hara President Barack Obama unveiled plans Wednesday to shift government bailout efforts from Wall Street's banks to Main Street's small businesses by increasing lending and access to credit. Continue reading
Oct 21 Watch Barofsky: TARP Program Fueled Public Distrust The biggest cost of the TARP program might be the public's distrust of the government, according to inspector general Neil Barofsky. Ray Suarez reports. Continue watching
Oct 16 Loan Losses Drive Down Bank of America Earnings Bank of America reported Friday that it lost more than $2.2 billion in the third quarter, largely due to loan defaults and credit card delinquencies. Continue reading
Aug 12 Where Are Toxic Assets Now? Question: TARP was originally proposed to deal with “toxic assets” to unclog the books of financial institutions and prevent them from becoming insolvent. The toxic assets to date have not been bought up, so… Continue reading
Jul 30 How Can the Repaid TARP Money Be Used? Question: Is the $68 billion that big banks are paying back in TARP money going back to the taxpayer or can it be reused by the Treasury in some of its other schemes (e.g. Continue reading