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...principal. There is a big difference, though, between permanently reducing an interest rate and doing it temporarily. And the new program doesn't forgive principal, only defers it, which may not go very far at a time when some 18% of mortgage holders owe more to the bank than their house is worth. "If all they're doing is lengthening the loan maturity, it may reduce the economic stress a little bit, but it doesn't deal with the main problem, which is you have an underwater loan," says Richard Green, director of the Lusk Center for Real Estate...
...assets is going to be the exception," says Thomas Brown, whose hedge fund, Second Curve Capital, specializes in financial firms. "If it does happen, it will be select purchases." Neel Kashkari, who is heading up TARP, has said that $250 billion will cover the demand for direct investments from banks. And Treasury officials say $40 billion of the money that has been spent was a onetime emergency investment into insurer AIG and should not be counted as part of the $250 billion they plan to invest in banks. Still, the AIG investment depletes the amount of money left for buying...
...initial deadline for applying for TARP funds for most companies is Nov. 14. Companies that qualify will be allowed to sell preferred shares to the Treasury. The government's investment is capped at 3% of the bank's highly regarded assets. (Risky investments are excluded.) The banks that receive the shares will have to pay the government a 5% dividend for five years, but that is far less than what they typically pay to borrow...
Then there are the firms that are not traditional banks that are starting to line up for bailout funds. Earlier this week, American Express filed to change its status to a bank-holding company, which would allow the credit-card giant to apply for TARP funds. Analysts estimate that AmEx could receive as much as $3.5 billion in federal aid. GE Capital is also reportedly looking into applying for a Treasury investment. The troubled finance unit of industrial giant General Electric could receive as much as an $18 billion investment. What's more, a number of members of Congress...
...Kashmir," he wrote in Foreign Policy magazine, focusing on long-standing tensions over the contested territory that has led to two wars between the nuclear-armed nations. Peace between Pakistan and India will achieve far more for Afghanistan - and the war on terror - than unlimited troops and an open bank account...