Federal anti-foreclosure plan doing little to help

Despite promises from the Obama administration to use $50 billion from the Troubled Asset Relief Program (TARP) to fund loan modifications and prevent hundreds of thousands of homeowners from losing their homes, a new report from the CBO says that the administration will only spend a quarter of the promised money on the program. The [...]

McCotter opposes bill to save teachers’ jobs

U.S. Rep. Thad McCotter (R-Livonia) is known for being a colorful character who often uses sarcasm and humor to convey his point. But he may regret his latest quip, aimed at a bill in Congress that would provide $23 billion in funding to local schools to help them avoid teacher layoffs due to budget cuts [...]

GM paid back government loan with government money

It turns out that when General Motors paid back $4.7 billion to the U.S. Treasury and $1.1 billion to the Canadian government last week, announcing that it was doing so ahead of schedule, it was only able to make the repayment by using taxpayer funds given through the TARP program.

Feds selling off stake in Citigroup

The federal government is set to begin selling off its nearly 8 billion shares of stock in financial giant Citigroup. They swapped those shares for $25 billion in loans to keep the company afloat during last year’s crisis in the financial markets and now that company is stabilized and the stock value on its way [...]

GMAC to get another $3.5 billion from Treasury

GMAC, which now provides all of the financing for both General Motors and Chrysler vehicles, is going to receive an additional $3.5 billion in capital, presumably from TARP funds, from the U.S. Treasury Department. This is not separate from the $5.6 billion they were projected to get in October, it is that very same money; [...]

Chrysler Financial pays off TARP loan

In surprising news, Crain’s Detroit Business reports that Chrysler Financial has paid off the $1.5 billion in loans from the Troubled Asset Relief Program that it received in January. The company, which until recently provided most of the auto financing for the purchase of Chrysler vehicle, says that it used the money to fund loans [...]

Auto supplier baillout may be susceptible to fraud

Automotive News reports that the special Inspector General for the federal TARP program has identified several types of fraud that the Obama administration’s $5 billion bailout fund for auto suppliers may be susceptible to.

Peters: TARP banks should restructure Chrysler debt

U.S. Rep. Gary Peters (D-Bloomfield Twp.) wants banks receiving federal money to restructure Chrysler’s multibillion debt. Peters wrote the heads of four banks receiving money from the federal government’s Troubled Asset Relief Program: JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley. Together these banks hold $6.8 billion secured debt from Chrysler and have been unwilling [...]

Credit union collapse signals depth of financial crisis

Geithner’s toxic asset plan not specifically designed for credit unions

Solutions to AIG’s bonuses? Death or taxes

Members of Congress and President Barack Obama are clearly as angry as their constituents over the millions of dollars in bonuses awarded to American International Group’s financial products employees, likely paid by injections of taxpayers’ monies since the U.S. government owns a substantive portion of the insurance corporation.