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financial bailout: Where Will The Money Come From? - 07/20/09 03:41 PM

In a report released today, the Inspector General of the government’s Troubled Asset Relief Program, Neil Barofsky, announced that taxpayer exposure could run as high as $24 trillion, a number most of us cannot imagine. “Under the worst of circumstances, the report said, the government's maximum exposure could total nearly . . . $80,000 for every American.” In an article from Associated Press and published on Yahoo News, the report provided further details of the potential for massive government spending.
 
While the number represents the “worst case scenario,” it demonstrates the depth to which the government is willing to … (8 comments)

financial bailout: What's Happening With Loan Modifications? - 06/21/09 01:31 PM
With billions of dollars infused into the banking industry and promises to rescue millions facing foreclosure, some are beginning to wonder if the government has been serious about helping struggling homeowners. One of the early efforts, the Hope for Homeowners program, announced in the fall of 2008, has been recognized as a complete disaster, resulting in only 51 modifications. And, the latest news is even worse; 50 of those modifications are now being investigated by the FBI for potential fraud.
 
Newer efforts such as the ambitious sounding, Making Home Affordable program, a commitment of $75 billion for loan modification, will … (58 comments)

financial bailout: More Trouble for the FDIC - 05/27/09 03:54 PM
As many have predicted, the number of banks on the FDIC “troubled banks” list is growing. With the already weakened condition of hundreds of banks, and with them now taking hits from defaulting commercial and development loans, demands on the FDIC insurance fund have increased significantly.
 
At the end of 2008 the FDIC listed 252 troubled banks with combined assets of $159 billion. Now, however, the number of at risk banks has been increased to 305, with combined total assets of $220 billion. The rising number significantly increases the potential liability to the Deposit Insurance Fund, and will require additional … (6 comments)

financial bailout: We Can Solve the Housing Crisis - 10/30/08 11:02 AM
With all the government action regarding the so-called housing crisis. Why is there little or no relief for homeowners? Quite honestly, I don’t think the government knows how to proceed; strangely, the process is much more complex than rescuing the banks, insurance companies, and Wall Street firms.
 

Remember, many of the failing home loans were made to investors, trying to cash in on a rising market. And, popular TV shows depicting average people making a killing by “flipping” houses only served to fuel the disaster. Investors and risk takers don’t deserve a government handout. Many lied on applications or … (8 comments)

financial bailout: SUCCESS IN THE COMING RECESSION - 10/04/08 03:46 PM
Will the bailout work? Will it salvage the housing market and keep us out of recession? No, and it wasn’t intended to do so. The so-called bailout bill is an attempt to rescue banks and the financial markets in the hope that the country could avert a more serious collapse that would impact the entire economy. Proponents argued that ignoring the problem would create havoc that would spread world wide and could potentially lead to a depression.
 
The average American is left with a feeling that we have once again been hoodwinked by the tycoons and politicians, but that’s really … (2 comments)

financial bailout: What Happens After the Bailout? - 10/03/08 04:43 PM
Panic won out and Congress has voted to approve the “Bailout Bill.” Will it solve the housing crisis, save homeowners from foreclosure, create jobs, kick-start the economy and keep us from recession?
No, no, no, no and no. It will do none of the above. Once again, Washington has let us down. It’s not that we didn’t need to do something; action was needed quickly. But the action taken by a politically motivated group of weaklings will do little to solve the core problems we face.
At best, the bill will provide a temporary boost that will last long enough for … (2 comments)

financial bailout: Buy? Sell? Run? What's the Answer? - 09/29/08 01:29 PM
The House rejects the bailout bill. The bill would have shored up banking and financial institutions, but provided little additional relief to homeowners. Under the proposal, the Treasury Department would begin buying troubled mortgage related securities from banks and other financial institutions. Wall Street would be saved from more embarrassment. Other beneficiaries would be those businesses and individuals seeking to borrow money.
 
What the bill didn’t do is correct the fundamental problems that began this crisis. Houses will continue to decline in value. Homeowners who have lost their homes or those facing foreclosure will see little or no benefit, and … (2 comments)

financial bailout: Complaining About the Bailout - 09/25/08 02:35 PM
We can complain that the bailout is bad or believe that it is the only way for our economy to recover, but that’s only wasting saliva. The fact is: the government will pass a bailout bill in the next couple of days. We don’t have to agree and we don’t have to like it. They’re not asking for our opinion.
 
What we can do is to do the best job we can do to conduct our personal business with as much integrity and common sense as possible, and we must send those to Washington that will protect the resources of … (4 comments)

 

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