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TARP allowed the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled assets," defined as "(A) residential or commercial obligations will be bought, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes ...
One way to measure mandatory program risks is in terms of unfunded liabilities, the amount that would have to be set aside today such that principal and interest would cover program shortfalls (spending over tax revenue dedicated to the program). These are measured over a 75-year period and infinite horizon by the program's Trustees:
Economist Stan Leibowitz argued in the Wall Street Journal that although only 12% of homes had negative equity, they comprised 47% of foreclosures during the second half of 2008. He concluded that the extent of equity in the home was the key factor in foreclosure, rather than the type of loan, credit worthiness of the borrower, or ability to ...
Trump claimed that students gave the program 98% favorable reviews, [18] but according to some former students, Trump University employees pressured students to give favorable reviews, told them they had to fill out the forms to obtain graduation certificates, and did not undertake procedures often used to ensure that surveys were filled out ...
These programs generally worked as follows: "Let's say someone wanted to buy a $100,000 house but didn't have the required down payment and closing costs, which we will say totaled $6,000. A nonprofit 'affordable housing' organization would provide the required $6000 to the homebuyer as a 'gift' and, simultaneously, collect the same amount ...
November 25, 2008: The Term Asset-Backed Securities Loan Facility was announced. [163] November 29, 2008: Economist Dean Baker observed: There is a really good reason for tighter credit. Tens of millions of homeowners who had substantial equity in their homes two years ago have little or nothing today.
An Office of the Comptroller of the Currency study in 1988 indicated fraud in 11 percent of failures between 1979–87; a Federal Deposit Insurance Corporation study in 25 percent of failures in 1989; a Resolution Trust Corporation study in 1992 found fraud in 33 percent of its cases; and a 1994 General Accounting Office study reported 26 ...