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That's true - they got money from us - probably invested it and made a profit in the market. Let's see if me or someone else can find the amounts given to the banks.
Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally (GE) Financial
How much did these banks receive in TARP money from taxpayers?
All of the TARP money has already been repaid by the banks with interest.
Those who lost their homes to foreclosure are unlikely to get their homes back or benefit much financially from the settlement, which could be as high as $25 billion. About 750,000 Americans – about half of the households who might be eligible for assistance under the deal – will likely receive checks for about $1,800.
...
Under the deal:
_ $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.
_ $5 billion would be placed in a reserve account for various state and federal programs; a portion of that money would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.
_ $3 billion would to help homeowners refinance at 5.25 percent.
So they are trying to buy people off - again. If we take it, we get what we deserve.
And of course, there's Obama's take...
President Barack Obama is expected to tout the settlement in his State of the Union address Tuesday. His administration has put pressure on state officials to wrap up a deal more than a year in the making.
Typical.
That is what they say it will go to. Once it's thrown into the general fund like the tobacco money the states settled for who knows where it will end up. Probably in some community organizing setup their buddies run to deny everyone who applies and pocket the money. It's all a big shell game. Once the check arrives it's split up a million ways and none of the money ever gets to who it was for. 1800 bucks is doodly for somebody screwed over by the bank for their house.
So is this Obama's way of fulfilling the hopes of his voters like the one who thought she wouldn't have to pay her mortgage? She still has to put gas in her tank though and that's doubled under Obama.
This is nothing more than an attempt to buy votes. If the banks agreed to it but said it wouldn't be implemented until after the election Obama would not have gone along with it.
Apparently the banks did something wrong to settle this lawsuit now didn't they? If not they wouldn't be ponying up 25 billion. Well actually they won't be ponying up anything it will just be recouped in ATM fees or account fees or something else tacked on. They money will never get into the hands of those who were wronged that I'm sure of.
Apparently the banks did something wrong to settle this lawsuit now didn't they? If not they wouldn't be ponying up 25 billion. Well actually they won't be ponying up anything it will just be recouped in ATM fees or account fees or something else tacked on. They money will never get into the hands of those who were wronged that I'm sure of.
That doesn't answer the question at all. Who was wronged, and how, by these banks?
Banks with impaired capital just get taken over by the FDIC. That's the way the system works. Get used to it.
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