TARP or CARP? Are Taxpayers Getting A Fair Deal?

By
Real Estate Appraiser with AccuriZ LLC.

TARP or CARP? We hope that TARP's money is being used wisely in the mortgage sector. According to this Reuters article, 33 TARP recipients missed a dividend payment last month. This includes 15 banks and thrifts who missed a May 15 dividend payment, with 18 more missing a payment for the first time.  

Soruce: blogs.reuters.com

Out of the 33 banks in question, 11 are in California, one of the worst states affected by the financial and housing crisis. The largest company to miss the dividend payment is the New York based CIT Group Inc. ($71.02 billion)

While the TARP program allows a maximum of six payments to be missed before action is taken, it's ironic that many of these same banks make an incredible amount of money on overdrafts, late and missed payment fees.

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Rainer
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Douglas Fischer
East Oahu Realty - Selling Honolulu, Hawaii Condos

And just what kind of action can be taken against the bank if six payments are missed?  Could you imagine the banks allowing borrowers to have a grace period of six missed payments?  It never ceases to amaze me!  Thanks for the post.

October 14, 2009 03:36 PM
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