Word: tarps
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Also, up to $14 billion of TARP funds will be used to provide subsidies to lenders and loan servicers who agree to write down at least 10% of a first mortgage; the combined value of first and second mortgages can be no greater than 115% of the current value of the home. The new monthly payment cannot exceed 31% of the homeowner's income. Investors in the loans would clearly take the up-front hit, but the risk of future default on the modified loan would be transferred to the government...
...Haitian President was found greeting a group of women outside shanties made of tarp and plywood. The former Presidents soon followed, and Bush dove in to greet Gertrude Auguste, 31, with a kiss on her cheek. Auguste says they asked her about her living conditions in her impoverished camp at Champ de Mars, where an estimated 60,000 homeless earthquake survivors have settled. "We would like to move out of here, but not to someplace too far away. We want to be close enough to the center of the city," Auguste says...
...Congress to monitor the government's bailout of the financial system. Elizabeth Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist banks. Warren has said she wants Pandit to delineate how he plans to fully pay back taxpayers. A spokesperson for Warren says she has no plans to press Treasury on why Citi was allowed out of the government's most stringent pay restrictions...
...America, Chrysler, Chrysler Financial, Citi, GMAC and General Motors. But in December, Bank of America and Citigroup struck deals with the government to get off the list. Bank of America raised nearly $20 billion from investors and paid back the government the $45 billion it was lent under TARP...
...effect," says Brandon Rees, the deputy director of the office of investment at the AFL-CIO, which owns shares in Citi. "Now that they are out from under the pay czar, expect 2010 numbers to go up from here. One of the concerns we do have about companies exiting TARP is that they are just going to return to the old model of compensation...