Friday, August 26, 2011

Sorry You Lost Your Home, Suckers

The US Treasury said Thursday it had recovered nearly $900 million during the first six months of the year in taxpayer money used to bail out the banking system during the financial crisis.


"Although the central purpose of TARP was to help stabilize the financial markets during a time of severe crisis, the receipt of these funds is positive news for taxpayers," Tim Massad, the Treasury's assistant secretary for financial stability, said in a statement.


"As a result of these dispositions and other TARP repayments and income, taxpayers have now recovered $314 billion (76 percent) compared to the $413 billion disbursed to date for the program," the Treasury said.

  Raw Story

"Taxpayers have recovered." Taxpayers. Could that include homeowners?

Of the $45.6 billion in Trouble Asset Relief Program funds meant to aid homeowners, the most recent numbers available show that only about $2 billion has actually gone out the door.


With housing prices dropping sharply, and foreclosure filings against more than 1 million properties in the first half of this year, the Obama administration is scrambling for ways to help homeowners.

One place they won't be looking: an estimated $30 billion from the bailout that was slated to help homeowners but is likely to remain unspent.

Instead, Congress has mandated that the leftover money be used to pay down the debt.

  Raw Story

And by "the debt," they don't mean your forfeited-home loan.

....but hey, do what you will anyway.

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