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WASHINGTON (Reuters) - More than 80 percent of the U.S. banks that received federal bailout funds said the money had helped them increase lending or avoid a drop in lending as the recession worsened earlier this year, according to a new survey released on Sunday.
The survey by the Special Inspector General for the U.S. Treasury's $700 billion Troubled Asset Relief Program (TARP) found nearly 40 percent of the 360 banks surveyed had used some of the funds to build up capital cushions to absorb unanticipated losses.
And a third of the institutions said they had invested some of the TARP money into mortgage-backed securities issued by Fannie Mae (FNM.N) and Freddie Mac (FRE.N).
The survey, conducted from February to June, was aimed at answering a question on the minds of many lawmakers, policy makers and commentators: What have banks done with their bailout money?
The original bank capital infusion program approved by the administration of George W. Bush in October 2008 did not require detailed information from banks on use of TARP funds.
It will be interesting to see how the market, and economists, react once this experiment is completed and a quantitative assessment is made. I hope that we spend at least 1/100 of the money on an objective analysis than we did on the bailout.
of course their loans rose since taxpayers gave them their future money to make these loans. taxpayers haven't even had to pay for these loans and the resulting interest yet. let's do a survey to see if taxpayers feel that this money was well spent!
As far as I can tell these are banks that received money back during the first round of bailouts when H Paulson was insisting no questions be asked, no demands be made. So now they're being asked, "So....how'd it go with that money, then?" In a survey.
As far as I can tell these are banks that received money back during the first round of bailouts when H Paulson was insisting no questions be asked, no demands be made. So now they're being asked, "So....how'd it go with that money, then?" In a survey.
They should be asked how it went. We should gather as much information as we can so we can fully understand the actions that we have taken. Whether you agree or not (and I don't) with the actions we've taken, the least we can do is make every move transparent so we can learn from our actions. This shouldn't be a partisan standpoint either. It is a genuine call for the public information (which all of this is) to be easily accessible so the current generation (that fortunately can crunch an amazing amount of data) can work with the numbers.
They should be asked how it went. We should gather as much information as we can so we can fully understand the actions that we have taken. Whether you agree or not (and I don't) with the actions we've taken, the least we can do is make every move transparent so we can learn from our actions. This shouldn't be a partisan standpoint either. It is a genuine call for the public information (which all of this is) to be easily accessible so the current generation (that fortunately can crunch an amazing amount of data) can work with the numbers.
definitely! and Im glad they're making loans. It's irksome though that this is the only accounting for that first round of money - questions in a survey. "Well, you know, here, there."
definitely! and Im glad they're making loans. It's irksome though that this is the only accounting for that first round of money - questions in a survey. "Well, you know, here, there."
im not glad that they are making loans. thats my money they are loaning to a bunch of morons.
Just another way TurboTax Tim and his lil' minions keep the solvent and responsible credit unions down and G&S up.
Thank you, The Credit Unions, which always required money down, are getting it on the chin while the banks are shovelling out money to the unqualified and speculators like the Bush Administration did to Defense Contractors in Iraq
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