The Troubled Asset Relief Program (TARP) has started to grow again, after the Department of Treasury announced in December of last year the bailout would be coming to a close. Earlier this month, the Department of Treasury invested $21 million in small business loans with more investments to come that could total as much as $15 billion.
The money is being spent to purchase securities backed by the Small Business Administration in yet another effort to stimulate lending in the economy. The $15 billion dedicated to this program is considerably smaller than other TARP programs, such as the Capital Purchase ...
Bailout watchdog criticizes home loan program
A year after the $75 billion program to reduce mortgage payments under the Home Affordable Modification Program
(HAMP) went into effect, a recent audit report criticized
the outcome of the program as "disappointing." So far, out of the
million trial mortgage modifications, under which homeowners can have their mortgage payment reduced for three months, only 168,000 loans have been
permanently reduced falling drastically short of the 3 to 4 million
initial goal of the Department of Treasury.
According to the Special Inspector General for the Troubled Asset Relief Program audit Treasury admitted its goals of the HAMP program have ...
The bailout makes a move towards transparency
Today, in a huge win for transparency, the U.S. Court of Appeals in Manhattan ruled that the Federal Reserve Board must disclose records containing information about how it intervened to bail out banks during the financial crisis.
Since Bloomberg News filed the lawsuit in November of 2008, the Fed has claimed that if the information is released it could do more harm to the already weakened banks by stigmatizing them, thus hurting their ability to compete.
Supporters of Bloomberg’s lawsuit say the public has the right to know where their money is going. These records tell which ...
Mike Stern Uncovers “Treasury’s Lobbying Loopholes”
Mike Stern has found some answers to the question of how, and on what terms, did “Mark Patterson, the former... View Article
Continue readingTreasury Imposing “Terms of Use” to Access TARP Data
In an astonishing move, the Treasury Department is requiring users to agree to “terms of use” before they can access... View Article
Continue readingA Closer Look at CRS’s Recent Report “Lobbying and the Executive Branch”
The Congressional Research Service just released a report entitled “Lobbying and the Executive Branch: Current Practices and Options for Change.”... View Article
Continue readingExecutive Branch Lobbying Disclosure Rules Presentation
Earlier today, I gave a presentation on the executive branch’s lobbying disclosure rules to the American Bar Association’s Section of... View Article
Continue readingNot My Bank, Not My Problem Part II
Yet another member of Congress has been found pushing the Treasury Department for TARP funds despite having a long-standing relationship... View Article
Continue readingTARP Lobbying Disclosure: What a Difference a Day Makes
Yesterday, I called the Treasury Department in one last ditch effort to find their TARP Lobbyist Contact Disclosure Forms. I... View Article
Continue readingThe TARP Lobbying Rules: What They Say And What They Mean For Transparency
In September, the Treasury Department released its TARP lobbying disclosure rules, nearly eight months after a press release heralding their... View Article
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