Word: tarp
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...federal government is handing out over $1.5 trillion to support the economy through the Obama stimulus package, TARP, and the new mortgage assistance program. Among the clear winners in the frenzy to save parts of American industry are financial firms and the car companies. Aid may be extended to auto parts companies and insurance operators. The general rule of thumb is that the sectors of the economy that are considered "strategic" will get the lion's share of funding. Car companies are strategic because they employ so many people. Banks are in this category because the credit system cannot operate...
...Capital cushion: Thanks to the Troubled Asset Relief Program (TARP), Citigroup now has $151 billion in equity, up from $113 billion a year ago. Alas, it will have a $76 billion hit from bad loans. Along with a projected bottom-line loss of $3.5 billion, that drops the bank's capital to $70.5 billion...
...Canadian experience with EFF reinforces the U.S. experience with TARP: government loses control of stimulus money once it falls into the hands of recipients. Obama needs to be realistic about what the "bad bank" can accomplish - namely relieving banks of some junk assets at considerable cost to the taxpayer. It won't jump-start consumer lending - at least not in the foreseeable future if the lesson of Prime Minister Stephen Harper's experience is anything...
...main part of the plan calls for spending up to $75 billion of Treasury's TARP funds to restructure the loans of homeowners who are behind on their mortgages or at immediate risk of falling behind. Since foreclosure is such an expensive process, most lenders are already modifying some loans voluntarily. But mortgage rewrites haven't necessarily been lowering borrowers' monthly payments by much, if at all - and people whose loans are held by investors have often been left out in the cold...
...TARP Eligible banks will be permitted to access capital remaining in the $700 billion Troubled Asset Relief Program. Recipients will be required to show how the funds would promote new lending...