Written by: Christopher Gordon | Publish date: June 21st, 2010
Recently, according to the Congressional Oversight Panel, the US government, if it had acted sooner and with more focus, would have been able to privately fund the AIG bailout. As it stands, taxpayers picked up the $182 billion check, neither the government nor AIG could pay. Most of the billions were used to payoff AIG’s obligations to Wall Street trading partners on credit default swaps. “(The bailout) distorted the marketplace by transforming highly risky…bets into fully guaranteed payment obligations,” reads a part of the Congressional Oversight Panel’s recent report. The panel was introduced in 2008 by Congress as a way [...]
Written by: Christopher Gordon | Publish date: April 5th, 2010
On March 23rd, in Washington State, homeowners filed a lawsuit in US District Court, against the Bank of America, for withholding funds from the government intended to aid homeowners facing impending foreclosure. Banking giant, Bank of America, is accused of, intentionally, preventing Washington homeowners access to funds from the Troubled Asset Relief Program (TARP) by postponing requests to modify mortgages. In effect, BoA is denying borrowers of federal bailout funds which could, ultimately, save them from foreclosure. Homeowners are also claiming their requests to work on remedies (such as mortgage adjustments) to avoid foreclosure, are flat-out ignored. Meanwhile, Bank of [...]
Written by: Timothy McFarlin | Publish date: December 14th, 2009
The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.4 million
